05:24 PM EDT, 06/26/2025 (MT Newswires) -- Atlantic Union Bankshares ( AUB ) and Blackstone (BX) said Thursday they completed the sale of about $2 billion in performing commercial real estate loans.

The loans were sold by Atlantic Union Bank, a subsidiary of Atlantic Union Bankshares ( AUB ), to vehicles affiliated with Blackstone Real Estate Debt Strategies. The portfolio was sold in the low 90s as a percentage of par value, and Atlantic Union will retain servicing responsibilities.

Proceeds will be used to repay high-cost deposits and other funding sources and to add to the bank's securities portfolio, according to a statement.