Ares, UOB Refinance Loan for Blackstone Office After Sale Pulled

Private equity firm Blackstone Real Estate Partners LP has received a loan from Ares Management Corp. and United Overseas Bank Ltd. to refinance an existing facility that funded a commercial office block in Sydney, according to people familiar with the matter.

UOB funded the senior loan, while Ares provided the junior debt to refinance the existing bank facility and to fund a dividend payment, the people said. Blackstone had repaid around half of the existing A$980 million ($642 million) borrowing, with approximately A$450 million remaining, one of the people said. The quantum of the new financing was not disclosed.

Ares, ...