Blackstone Group LP, the world's largest private equity investor in real estate, said it will purchase residential assets in Japan from General Electric Co (GE)'s property unit in a deal worth more than 190 billion yen ($1.6 billion), Japan's largest property deal this year.Blackstone will buy more than 10,000 apartment units in 200 properties in Japan's largest cities including Tokyo, Osaka and Nagoya, the takeover fund said in a statement.The deal comes as GE Capital Real Estate is retreating from its property investments globally as it shifts its focus to property lend"This transaction supports our global strategy to reduce our equity book as we continue to build our global debt operations," Francois Trausch, Chief Executive, Asia-Pacific at GE Capital Real Estate, said in a statement.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.18% or $0.06/share to $32.67. In the past year, the shares have traded as low as $26.16 and as high as $36.08. On average, 4849440 shares of BX exchange hands on a given day and today's volume is recorded at 3572048.
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