Fortress Investment Group Announces Completion of BrightSpire and DigitalBridge Deals
Fortress Investment Group recently announced the completion of transactions with its affiliates BrightSpire Inc. and DigitalBridge Group Inc., totaling over $730 million. According to Noah Shore, the managing director of Fortress, they are looking forward to having an extreme and long productive working history with its affiliates and are pleased with the partnership and closing the large-scale and complex transactions at the time. Noah notes that the acquired assets align with their expertise and experience and welcome their new limited partners, the DigitalBridge Group and BrightSpire, to Fortress.
Under the DigitalBridge transaction terms, Fortress Investment Group affiliates were the General Manager and Partner to DigitalBridge’s co-investment vehicles and DVCR funds series worth $2.7 billion in the management’s combined assets before announcing the agreement. The assets are divided into types of investment, geography, underlying industry, and underlying asset class. Fortress is in New York and offers DigitalBridge a one-stop resolution. It wants to virtually resolve all its remaining Debt and Other Equity assets in one transaction as it provides constant stewardship through a renowned global investment manager to DVCR investors.
According to Digital Bridge’s Chief Financial Officer, Jacky Wu, they are pleased to commit to finalizing the deal. He extends his gratitude to DigitalBridge’s team and Fortress Investment Group for their hard work and commitment in the comprehensive transactional series for the past six months to bring it to the final phase.
Under the BrightSpire Acquisition terms, the New York based firm obtained five non-accrual assets and developments worth $223 million. BridgeSpire Capital’s COO, Andy Witt, notes that the sale speeds up its business strategy to simplify its portfolio and efficiently bring to a close its portfolio rotation. He is also grateful to Fortress Investment Group team for their commitment and teamwork throughout the transaction process to successfully finalize it. Go Here for related Information.