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JLL arranges $2.1B sale and $1.06B financing of Alecta Portfolio
NEW YORK and LONDON, Feb. 20, 2017 – 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 today 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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