Abu Dhabi's sovereign wealth fund is investing US$475 million (Dh1.74 billion) in a Goldman Sachs hotel portfolio, The Wall Street Journal reported, citing people familiar with the matter.
The deal is part of a broader restructuring for Goldman Sachs' Whitehall Real Estate Funds, one of the bank's largest hotel portfolios. It includes refinancing $1.42bn of debt due in April and the Abu Dhabi Investment Authority will inject $475m for a preferred equity stake.
Deutsche Bank will also refinance the debt through a $975m loan. Deutsche Bank declined to comment on its role.
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