Posted on 12/29/21
Disclosed on December 22, 2021, Fortress Investment Group LLC and its affiliates entered into previously announced transactions with DigitalBridge Group Inc. (NYSE: DBRG, “DigitalBridge”) and BrightSpire Capital Inc. (NYSE: BRSP, “BrightSpire”), with a total counterpart of approximately US $ 730 million.
Pursuant to the DigitalBridge transaction, Fortress affiliates are now the general partner and manager of DigitalBridge’s DCVR series of funds, co-investment vehicles and other non-digital real estate positions, representing approximately $ 2.7 billion. dollars in combined assets under management at the time. of the announcement of the agreement. Assets are diversified by type of investment (senior debt, junior debt and equities), underlying asset class (offices, hotels, land, multi-family), geography (United States, Ireland, Spain, United Kingdom and France) and underlying industry (real estate, securities, energy). Fortress provided a “one-stop-shop solution” to DigitalBridge as it sought to resolve substantially all of its remaining “Other Equity and Debt” assets in a single transaction, while ensuring continued responsible management of DCVR investors by a leading global investment manager.
Pursuant to the BrightSpire Acquisition, Fortress acquired five historic development and / or unrecorded assets for gross proceeds of US $ 223 million. The Co-Investment Portfolio Sale resolves 5 (of 6) legacy co-investment assets held alongside Colony Capital, Inc. (now known as DigitalBridge Group.
BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNY), is one of the largest publicly traded, establishment-focused Commercial Real Estate Credit (CRE) REITs, the acquisition, financing and management of a diversified portfolio consisting mainly of investments in CRE debt and net buildings mainly leased in the United States. CRE’s debt investments consist primarily of senior mortgages, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for US federal income tax purposes.