AIG Selling Affordable Housing Interest to Blackstone REIT

July 15, 2021 | S&P Global Market Intelligence

AIG agreed to sell its interests in a U.S. affordable housing portfolio to Blackstone Real Estate Income Trust Inc. for $5.1 billion in cash. This transaction is expected to close in the fourth quarter.

Evercore and J.P. Morgan Securities LLC are AIG’s financial advisers on the life and retirement transactions, with Wachtell Rosen Lipton & Katz and Debevoise & Plimpton LLP acting as legal advisers. With respect to the sale of the affordable housing portfolio, CBRE Capital Advisors Inc. was AIG’s financial adviser. Its legal advisers are Sullivan & Cromwell LLP, Nixon Peabody LLP and Elkins Kalt Weintraub Reuben Gartside LLP.

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