Union Bank, the San Francisco-based subsidiary of Japan's Bank of Tokyo-Mitsubishi UFJ (BTMU), has acquired the $3.7 billion institutional commercial real estate lending portfolio and platform from PB Capital Corp., a New York-based unit of Deutsche Bank AG.
The acquisition includes PB Capital's commercial real estate loan origination and servicing platform and management team. The acquisition is expected to be completed in the second quarter.
‘This is an important strategic acquisition for Union Bank, as it leverages our established commercial real estate capabilities by adding a national origination platform and strong relationships with top-tier property owners,’ says Union Bank President and CEO Masashi Oka. ‘The transaction also enables BTMU to efficiently leverage its strength in the Americas and deploy capital into high-quality assets, through the strong capital position and U.S. dollar funding capabilities of Union Bank.’