NEW YORK CITY (dpa-AFX) - Blackstone (BX) said Thursday that funds affiliated with Blackstone Real Estate Partners Asia will make an investment in connection with an agreement to acquire GE Japan Corp'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.'
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