DigitalBridge Group, Inc. (NYSE: DBRG) has completed the previously announced sale of the bulk of its Other Equity & Debt (OED) portfolio of real estate assets to Fortress Investment Group LLC, a diversified global investment manager.

The total net value DigitalBridge realized from the sale is US$506.8 million, including $443.4 million in cash received at closing, $31.2 million of net cash already received principally for asset monetisations realised between the sale announcement and closing, and $32.2 million of future payments for assets expected to be transferred in early 2022.

Jacky Wu, Chief Financial Officer of DigitalBridge, said: “We are pleased to generate over half a billion dollars of value to fuel future digital investments, drive growth and create shareholder value.

“I want to thank our partners at Fortress and the team at DigitalBridge, whose hard work enabled us to deliver on our commitment to finalize this complex transaction by the end of the year.”

Fortress Managing Director Noah Shore, said: “We have worked with the DigitalBridge team extensively over the years and could not be more pleased with their partnership in closing this highly complex and large-scale transaction on such an ambitious timetable.

“This business and its underlying assets fit perfectly with Fortress’ experience and expertise, and we are thrilled to welcome an exceptional group of new limited partners to Fortress.”

Prior to closing, DigitalBridge and Fortress agreed to remove one asset, with a carrying value of $28.0 million, from the transaction.

This asset will be retained by the Company and is expected to be sold pursuant to a separate sale process in 2022.

The parties also mutually agreed to a customary transition services agreement in which the Company will continue to provide certain services to Fortress for a period of six months following closing.