Swedish Alecta completes massive global portfolio sale
Despite an uncertain global economic environment, investors and lenders remain drawn to the commercial real estate safe havens of the United States and United Kingdom. On behalf of Alecta, a Swedish occupational pension fund manager with approximately $85 billion under management, JLL’s Global Capital Markets experts announced the firm completed the sale of a global portfolio comprised 47 of office, retail, multifamily and industrial assets across the U.S. and U.K. Blackstone purchased the portfolio’s 21 U.S. assets for $1.7 billion, and a global investment bank purchased all 26 assets in the U.K. for approximately $375 million.
JLL also secured acquisition financing on behalf of Blackstone. The Royal Bank of Canada provided a $799 million loan for the purchase of the U.S. office, retail and industrial assets. A government-sponsored enterprise provided a $93 million loan for the multifamily assets.
The portfolio includes locations in key gateway markets such as London, San Francisco, Washington, D.C. and Chicago and features a diverse range of high-profile tenants. The U.S. portfolio totals approximately 3 million square feet, and the UK portfolio totals 1.5 million square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.