BLACKSTONE Inc and KKR & Co mortgage real estate investment trusts (REITs) are grappling with deteriorating office loans as higher interest rates and weak demand drive down property values.
Blackstone Mortgage Trust Inc downgraded 13 loans during the first quarter, seven of which were backed by US offices, and took on the legal title to an office building in Mountain View, California, according to an earnings report and a conference call on Wednesday.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!