China Investment Corp, the country’s main sovereign wealth fund, has teamed up with Blackstone to buy a Japanese property loan portfolio from Morgan Stanley at a steep discount to its face value of $1.1bn, according to sources familiar with the matter.
The deal, which was agreed last year, represents a change in style for CIC as the fund grows more sophisticated.
While Blackstone’s role in the transaction was known, the fact that CIC was the main buyer was not disclosed.
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