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Today: May 29, 2024

Morgan Stanley to buy $700 million property loans tied to Signature Bank, Bloomberg reports

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LA Post: Morgan Stanley to buy $700 million property loans tied to Signature Bank, Bloomberg reports
May 15, 2024
Reuters

(Reuters) -Morgan Stanley has struck a deal with an investor group to buy $700 million of property loans tied to the failed Signature Bank, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The loans were held by a cohort that included asset management giant Blackstone, Canada Pension Plan Investment Board (CPPIB) and investment manager Rialto Capital.

The group owns a 20% stake in a venture that holds Signature Bank's commercial real estate loan portfolio.

Morgan Stanley, Blackstone and CPPIB declined to comment on the report.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber)

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