Blackstone is selecting up a portfolio of business and residential properties in Japan for the equal of $1.06 billion.
It’s the New York-based personal fairness agency’s fourth main actual property acquisition in Japan this 12 months and brings its complete acquisitions within the nation to $5.2 billion, based on Mingtiandi.
Hong Kong-based fund PAG is on the opposite facet of the deal, which closed round a month in the past.
The portfolio consists principally of properties in Tokyo and Osaka that PAG acquired in a $1 billion deal in 2015.
That portfolio, PAG CEO Weijian Shan mentioned, was “comprised of 26 high-quality properties” and was “predominantly workplace buildings in Tokyo.”
In March, Blackstone paid the equal of $2.7 billion for a portfolio of 220 rental properties, additionally concentrated between Tokyo and Osaka. It was a core-plus purchase and Blackstone plans to extend rents and fill vacant items.
Then in July, the agency purchased 4 warehouse properties from Daiwa Home Industries. Across the identical time the PAG deal closed, Blackstone agreed to purchase the residential unit of Mitsukoshi Actual Property.
PAG lately allotted 840 billion yen for acquisitions within the nation over the following 4 years, based on IPE Actual Property. [Mingtiandi] — Dennis Lynch