off-the-wire

Morgan Stanley to buy $700 mln property loans tied to failed Signature Bank, Bloomberg News reports

Kitco Media
By Reuters
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Updated:
Reuters
Morgan Stanley to buy $700 mln property loans tied to failed Signature Bank, Bloomberg News reports teaser image

May 15 (Reuters) - Morgan Stanley (MS.N), opens new tab has struck a deal with an investor group to buy $700 million of property loans tied to the failed Signature Bank, Bloomberg News reported, opens new tab on Wednesday citing people familiar with the matter.

The loans were held by a cohort including asset management giant Blackstone (BX.N), opens new tab, 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.

Spokespeople for Morgan Stanley, Blackstone and CPPIB did not immediately respond to Reuters' requests for comment.

Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri

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