Fortress Announces Completed Acquisitions of DigitalBridge and BrightSpire Capital Assets for Total Consideration of Nearly $730 Million
December 22 2021 - 4:00PM
Business Wire
Affiliates of Fortress become General
Partner to DigitalBridge’s DCVR series of funds, co-investment
vehicles and other non-digital real estate positions
Transactions accelerate strategic
transitions of leading digital infrastructure REIT and commercial
real estate credit REIT
Fortress Investment Group LLC (“Fortress”) today announced that
its affiliates have completed previously announced transactions
with DigitalBridge Group Inc. (NYSE: DBRG, “DigitalBridge”) and
BrightSpire Capital Inc. (NYSE: BRSP, “BrightSpire”), with total
consideration of approximately $730 million.
“We have a long and extremely productive history working with
the DigitalBridge and BrightSpire teams and could not be more
pleased with their partnership in closing these highly complex and
large-scale transactions on such ambitious timetables,” said
Fortress Managing Director Noah Shore. “The acquired assets fit
perfectly with our experience and expertise, and we are thrilled to
welcome an exceptional group of new limited partners to
Fortress.”
Under terms of the DigitalBridge transaction, affiliates of
Fortress are now General Partner and Manager to DigitalBridge’s
DCVR series of funds, co-investment vehicles and other non-digital
real estate positions, representing approximately $2.7 billion in
combined assets under management at the time of the agreement’s
announcement. The assets are diversified by investment type (senior
debt, junior debt and equity), underlying asset class (office,
hotels, land, multifamily), geography (U.S., Ireland, Spain, UK and
France) and underlying industry (real estate, securities, energy).
Fortress provided a “one-stop solution” to DigitalBridge as it
sought to resolve virtually all of its remaining “Other Equity and
Debt” assets in a single transaction, while assuring continued
responsible stewardship for DCVR investors by a leading global
investment manager.
“We are incredibly pleased to deliver on our commitment to
finalize this deal by the end of the year,” said Jacky Wu, Chief
Financial Officer of DigitalBridge. “I want to thank our partners
at Fortress and the entire team at DigitalBridge who worked on this
complex series of transactions for their tireless work over the
past six months to bring it to the finish line.”
Under terms of the BrightSpire acquisition, Fortress has
acquired five historical development and/or non-accrual assets for
gross proceeds of $223 million.
“This sale accelerates our business plan to simplify the
portfolio and effectively concludes BrightSpire’s portfolio
rotation,” said Andy Witt, COO of BrightSpire Capital. “We want to
thank the team at Fortress for their commitment to the transaction
and working together throughout the process to bring it to a
successful conclusion.”
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment manager. Founded in 1998, Fortress manages $54.2
billion of assets as of September 30, 2021, on behalf of
approximately 1,800 institutional clients and private investors
worldwide across a range of credit and real estate, private equity
and permanent capital investment strategies.
About DigitalBridge
DigitalBridge (NYSE: DBRG) is a leading global digital
infrastructure REIT. With a heritage of over 25 years investing in
and operating businesses across the digital ecosystem including
cell towers, data centers, fiber, small cells, and edge
infrastructure, the DigitalBridge team manages a $40 billion
portfolio of digital infrastructure assets on behalf of its limited
partners and shareholders. Headquartered in Boca Raton,
DigitalBridge has key offices in Los Angeles, New York, London, and
Singapore.
About BrightSpire Capital, Inc.
BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit
Real Estate, Inc. (NYSE: CLNY), is one of the largest publicly
traded commercial real estate (CRE) credit REITs, focused on
originating, acquiring, financing and managing a diversified
portfolio consisting primarily of CRE debt investments and net
leased properties predominantly in the United States. CRE debt
investments primarily consist of first mortgage loans, which we
expect to be the primary investment strategy. BrightSpire Capital
is organized as a Maryland corporation and taxed as a REIT for U.S.
federal income tax purposes. For additional information regarding
the Company and its management and business, please refer to
www.brightspire.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211222005502/en/
Gordon E. Runté Managing Director Fortress Investment Group LLC
(212) 798-6082 grunte@fortress.com
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