Blackstone, KKR Mortgage REITs Stung By Office Debt Challenges
Blackstone Inc. and KKR & Co. mortgage real estate investment trusts are grappling with deteriorating office loans as higher interest rates and weak demand drive down property values.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Blackstone Inc. and KKR & Co. mortgage real estate investment trusts are grappling with deteriorating office loans as higher interest rates and weak demand drive down property values.
Bank of Canada officials said monetary policy easing is expected to be “gradual,” as they debate the timing of a pivot to rate cuts.
Eleven hotels earned the top three-key distinction, in a list that focused on major markets rather than being truly comprehensive.
Recovering risk appetite and tightening spreads in the commercial real estate market mean active managers have to work a little harder, according to DoubleLine Capital LP.
Iceland’s inflation eased to the slowest pace in more than two years, suggesting its central bank is more likely to begin reducing the western Europe’s highest interest rate in the coming months.
Feb 14, 2019
Bloomberg News
,(Bloomberg) -- Mortgage insurer Radian Group Inc. was in takeover talks with an investor group including Apollo Global Management LLC and Centerbridge Partners LP as recently as last week, before discussions stalled over the terms of a potential deal, according to people familiar with the matter.
Canada Pension Plan Investment Board, which owns 2.4 percent of Radian, according to data compiled by Bloomberg, was also part of the group, said the people, who asked not to be identified as the details are private. It’s unclear whether the talks could be revived, the people said.
Representatives for Apollo, Canada Pension and Radian declined to comment. Centerbridge didn’t respond to requests for comment.
Radian’s shares fell 1.3 percent to $19.57 Thursday, extending their losses over the past 12 months to about 9 percent and giving the company a market value of $4.2 billion.
The talks come amid a pickup in financial services dealmaking in the U.S., as private equity buyers prowl for undervalued banks, insurers and other industry players looking for scale and diversity. This week, Thoma Bravo announced a $3.7 billion deal for mortgage software provider Ellie Mae Inc., while Morgan Stanley agreed to buy stock-plan administrator Solium Capital Inc. for about $900 million.
Radian helps home lenders mitigate losses by selling insurance that covers home buyers who take out mortgages with down payments of less than 20 percent, according to its website. Its mortgage and real-estate services arm helps financial-services firms and governments evaluate and securitize loans and asset-backed securities.
--With assistance from Scott Deveau.
To contact the reporters on this story: Matthew Monks in New York at mmonks1@bloomberg.net;Kiel Porter in New York at kporter17@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net
To contact the editor responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net
©2019 Bloomberg L.P.