Need to know: Blackstone's Project Isobel loans

摘要

When the Royal Bank of Scotland sold a 25% stake in a £1.4bn portfolio of property loans, codenamed Project Isobel, to Blackstone earlier this year, it was a process shrouded in secrecy. In spite of constant reports about the ins and outs of the sale, the state-owned bank tried its best to keep a lid on the process. Details such as the discount at which the loans were sold (40%), who was providing the debt (RBS itself) and which fund was making the investment (Blackstone's mezzanine debt fund) are well known now.