A Blackstone partnership with Canada Pension Plan Investment Board and Rialto Capital that had won a 20% stake in nearly $17 billion of the former Signature loans in December 2023, is selling that interest, as Bloomberg reported.
It may draw investor interest because sales could help highlight what current values for properties actually are. The lack of price discovery has been a thorn in the side of markets since 2022, when interest rates kept rising and valuations, dropping. Some estimates had previously pegged the impact on the involved properties valuations as from 15% to 40% lower than their face value.
However, at best this will be only one data point and one potentially flawed to offer wider insight.
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