© Reuters. FILE PHOTO: The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011.REUTERS/Jason Reed/File Photo
(Reuters) -The Federal Deposit Insurance Corp-run Signature Bridge Bank said on Thursday it has sold 20% of its equity stake in the venture that holds a $16.8 billion real estate loan portfolio, which it had retained in receivership of the failed bank.
Blackstone (NYSE:) Real Estate Income Trust, Canada Pension Plan Investment Board and other investors paid $1.2 billion for a 20% equity stake in the venture, the investors said in a separate statement.
Signature Bridge Bank was created after state regulators closed New York-based Signature Bank (OTC:) in March and the FDIC took control.
In September, the FDIC had announced the start of a marketing process for the nearly $33 billion Commercial Real Estate (CRE) loan portfolio it retained.
Signature Bank’s demise was the third-largest failure in U.S. banking history and came two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.