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Fortress Investment Group has completed transactions with DigitalBridge Group (NYSE: DBRG) and BrightSpire Capital (NYSE: BRSP) totaling approximately $730 million. These transactions include Fortress becoming the General Partner to DigitalBridge's DCVR series of funds, managing about $2.7 billion in assets. Additionally, Fortress acquired five development assets from BrightSpire for $223 million. The deals aim to streamline DigitalBridge's remaining assets and support BrightSpire’s portfolio rotation.
Positive
Fortress becomes General Partner and Manager to DigitalBridge’s DCVR series, enhancing asset management capabilities.
Acquisition of diversified assets totaling approximately $2.7 billion under DigitalBridge's management.
BrightSpire's sale accelerates business simplification and portfolio rotation.
Negative
None.
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
NEW YORK--(BUSINESS WIRE)--
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.
Gordon E. Runté
Managing Director
Fortress Investment Group LLC (212) 798-6082
grunte@fortress.com
Source: Fortress Investment Group LLC
FAQ
What recent transactions did Fortress complete with DigitalBridge and BrightSpire?
Fortress completed transactions worth approximately $730 million, becoming the General Partner to DigitalBridge's DCVR series and acquiring five assets from BrightSpire.
What is the value of assets managed by Fortress related to DigitalBridge?
Fortress is managing about $2.7 billion in assets under DigitalBridge's DCVR series.
How much did Fortress pay for the BrightSpire assets?
Fortress acquired five historical development and/or non-accrual assets from BrightSpire for gross proceeds of $223 million.
What is the strategic importance of Fortress's recent acquisitions?
These acquisitions help streamline DigitalBridge's portfolio and support BrightSpire's business simplification efforts.
What impact do these transactions have on DigitalBridge and BrightSpire's business plans?
The transactions are expected to enhance DigitalBridge's asset management and expedite BrightSpire's portfolio adjustments.
