Reuters: Private Equity: Blackstone, M. Stanley paying $621 mln for Australia loans-source

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Blackstone, M. Stanley paying $621 mln for Australia loans-source Jun 1st 2012, 07:15 HONG KONG, June 1 | Fri Jun 1, 2012 3:15am EDT HONG KONG, June 1 (Reuters) - Private equity property funds run by Blackstone and Morgan Stanley will pay A$640 million ($621 million) to acquire an A$1.9 billion portfolio of distressed property loans in Australia from a unit of Lloyds Banking Group, a source said on Friday. The Blackstone Real Estate Property Fund VII and the Morgan Stanley Real Estate Fund VII, backed by financing from Deutsche Bank, are acquiring the distressed debt at around 34 cents on the dollar, the source said.

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