Blackstone (NYSE:BX) announced that funds affiliated with Blackstone Real Estate Partners Asia will make an investment in connection with an agreement to acquire GE Japan Corporation’s 100% owned residential real estate business for over ¥190 billion. The business owns and operates more than 200 residential properties, consisting of over 10,000 units primarily in Tokyo, Osaka, Nagoya and Fukuoka.
“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. “We are excited by the opportunity to invest in such a high-quality and well managed business.”
Francois Trausch, Chief Executive Officer – Asia-Pacific at GE Capital Real Estate said, “This transaction supports our global strategy to reduce our equity book as we continue to build our global debt operations. We are pleased that our Japan residential business will transfer to another premier owner/operator with a strong emphasis on tenant satisfaction.”
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
About GE Capital Real Estate
GE Capital Real Estate is a leading commercial real estate company, with global assets of $36 billion and debt and equity activities in North America, Europe and Asia-Pacific. As a unit of General Electric (GE), it can offer access to the strength, industry knowledge and global reach of one of the world’s leading companies. GE Capital Real Estate Asia Pacific has a $5.1 billion assets portfolio and serves clients’ equity investments including direct acquisitions of single assets or portfolios, joint venture equity partnership financing, and asset management. Focus sectors include office, multifamily, retail and warehouse assets, hotels and development projects.