Blackstone Ramps Up Nordic RE Presence

OSLO—Locally based Obligo Investment Management is trading 10 portfolios worth a combined $2.7 billion to affiliates of Blackstone Real Estate Partners Europe IV.

By Paul Bubny | Updated on July 22, 2015

OSLO—The Blackstone Group has ramped up its Nordic real estate presence in a big way, with affiliates of Blackstone Real Estate Partners Europe IV agreeing to buy 10 portfolios managed by Obligo Investment Management AS for a total of approximately NOK 22 billion, or US$2.7 billion. In a related deal, Blackstone is taking a 34% stake in the operational businesses of investment manager Agasti Holding ASA, which include Obligo.

The NOK 250-million (approximately US$30.5 million) investment in Agasti’s businesses, which includes the company’s entire operational business in Norway and Sweden, is being structured as a drop-down. Agasti will establish a new company, Obligo BX Holding AS, and transfer all of its operating businesses to that company. Blackstone will then acquire 34% of Obligo Holding.

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