Blackstone to Take Over Bank of America Asian Real Estate Fund

Before you go, we thought you'd like these...
Before you go close icon
The Blackstone Group (BX) will take over management of a Bank of America Merrill Lynch (BAC) Asian real-estate fund. The real estate portfolio is worth around $2 billion, excluding debt, the Financial Times reported. Blackstone will help unwind the portfolio and will not acquire any assets from it.

"Sponsoring real estate investment will not be a core business for Bank of America Merrill Lynch," the bank said. "We will continue to be the general partner of the fund and an investor in it."

Blackstone has told investors that it expects all its real estate funds to show profits at the end of their investment term.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners