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BrightSpire Will Trade Non-Core Portfolio to Fortress for $223M

New York-based BrightSpire Capital, formerly known as Colony Credit Real Estate, has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group for gross proceeds of $223 million. 

The Co-Invest Portfolio Sale resolves five of six legacy co-invest assets owned alongside Colony Capital, now known as DigitalBridge Group. Colony Capital announced a portfolio sale with Fortress last month that included its joint venture interests in such five underlying investments. The Co-Invest Portfolio Sale will close concurrent with the transaction between Colony Capital and Fortress.

“We look forward to continuing to work with the Fortress team to effectuate this transaction, which is another step toward simplifying our business by rebalancing our portfolio and reducing exposure to certain investment profiles that are no longer core to our strategy,” said Andy Witt, COO of BrightSpire Capital.


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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