National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
BREIT to Take Over AIG’s Stake in Affordable Housing Portfolio
AIG and Blackstone Real Estate Income Trust (BREIT) have reached a definitive agreement for BREIT to acquire AIG’s interests in a U.S. affordable housing portfolio for approximately $5.1 billion, in an all cash transaction. The deal is expected to close in the fourth quarter.
“These communities provide critical affordable housing and we look forward to being long-term owners,” said Kathleen McCarthy, global co-head of Blackstone Real Estate. “We will make significant investments to improve the apartments while ensuring they remain affordable and in compliance with all rent regulations.”
AIG president and CEO Peter Zaffino added, “AIG has stewarded the Affordable Housing portfolio for more than 30 years. While the highly specialized assets subject to this transaction are attractive investments, they are no longer core to AIG’s long-term investment strategy. We believe Blackstone has the right expertise and commitment to stakeholders to manage these assets going forward.”
- ◦Sale/Acquisition
