Morgan Stanley to buy $700 mln property loans tied to failed Signature Bank, Bloomberg News reports

Morgan Stanley has struck a deal with an investor group to buy $700 million of property loans tied to the failed Signature Bank, Bloomberg News reported on Wednesday citing people familiar with the matter. The loans were held by a cohort including asset management giant Blackstone, Canada Pension Plan Investment Board (CPPIB) and investment manager Rialto Capital.

Morgan Stanley has struck a deal with an investor group to buy $700 million of property loans tied to the failed Signature Bank, Bloomberg News reported on Wednesday citing people familiar with the matter.

The loans were held by a cohort including asset management giant Blackstone, Canada Pension Plan Investment Board (CPPIB) and investment manager Rialto Capital. The group owns a 20% stake in a venture that holds Signature Bank's commercial real estate loan portfolio.

Morgan Stanley did not immediately respond to a Reuters request for comment. Blackstone and CPPIB declined to comment.