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TPG Buys Majority Stake in Big Loan Portfolio

NEW YORK CITY—The company bought 75% of a $2.5 billion portfolio of high-yield real estate loans from Deutsche Bank.

By Rayna Katz | Updated on January 09, 2015

NEW YORK CITY–TPG Real Estate, the real estate platform of TPG, has acquired a majority stake in a $2.5 billion portfolio of high-yield real estate loans from Deutsche Bank‘s special situations group. Under the terms of the agreement, TPG Real Estate will acquire a 75% stake in the portfolio, with Deutsche Bank retaining a 25% stake. No additional terms were disclosed.

The portfolio is comprised of 57 performing first mortgage loans on properties in gateway markets across the US, primarily in New York and Los Angeles. The loans, with a weighted average life of less than three years and an average loan size of approximately $40 million, are backed by commercial real estate assets in transition that are not easily financed by traditional lenders. The property types include apartment, office, condominium, hotel and industrial assets.

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