Blackstone acquires GE's Japan real estate business
The Blackstone Group has bought General Electric's (GE) residential real estate business in Japan for JPY190 billion.
According to a release, the business operates more than 200 residential properties which consist of over 10,000 units, located across Tokyo, Osaka, Nagoya and Fukuoka.
The investment was made via the GP's debut Asian real estate vehicle Blackstone Real Estate Partners Asia which has so far managed to secure over $3.5 billion in committments. The fund - which is trageting $4 billion, with a $5 billion hard cap - wasl launched in 2012 and counts the New Jersey Division of Investment among its backers.
"We continue to believe strongly in the residential sector's fundamentals, especially in Japan's major cities," said Alan Miyasaki, senior managing director at Blackstone, in a statement. "We are excited by the opportunity to invest in such a high-quality and well managed business."
The deal comes a month after Singapore's GIC Private bought 23 floors of Pacific Century Place in Marunouchi, Tokyo.
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