Benson Elliot, a UK private equity property specialist, has made its first debt investment after buying a mezzanine tranche on a â¬800m ($1.3bn) real estate portfolio in Germany owned by the Blackstone Group.
Benson Elliot teamed up with Gem Realty Capital, a US real estate investor, to pay â¬42.5m ($67.5m) for the mezzanine tranche. The vendor of the mezzanine debt and the discount paid were not disclosed.
