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PAG fund sells ¥110B Japan real estate to Blackstone – IPE Real Assets


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PAG fund sells ¥110B Japan real estate to Blackstone – IPE Real Assets

A PAG-managed Asia-focused fund sold a ¥110 billion real estate portfolio in Japan to The Blackstone Group Inc., IPE Real Assets reported Dec. 3.

The portfolio comprises office buildings, commercial facilities and rental condominiums mostly located in the cities of Tokyo and Osaka.

The Hong Kong-based private equity firm acquired most of the properties that it is now selling from General Electric in 2015 for $1 billion, the publication noted.

Blackstone declined IPE Real Assets' request for comment. It is expected to implement its "buy it, fix it, sell it" strategy to the portfolio but could also choose to hold the assets longer and capitalize on the rental growth in the core markets in Japan.

In November, an unnamed source told the paper that Blackstone struck a ¥30 billion deal to buy the apartment leasing business of department store operator Isetan Mitsukoshi Holdings.

The transaction also comes as PAG allocates ¥840 billion for the purchase of real estate properties in Japan over the next four years.

As of Dec. 3, US$1 was equivalent to ¥103.82.