Blackstone Reportedly Buying Japan Assets
NEW YORK (
) --
Blackstone Group
(BX) - Get Report
may buy
Morgan Stanley
(MS) - Get Report
real estate assets in Japan,
Bloomberg
reports.
It would be Blackstone's first property investment in Japan.
Blackstone, the world's biggest private-equity firm, expects to complete a deal for assets with a face value of 100 billion yen ($1.16 billion) next week,
Bloomberg
reports, citing a person familiar with the deal. Blackstone may offer less than 50% of the face value of the portfolio, which consists of 11 non-recourse loans with about 30 office buildings mainly located in greater Tokyo, the person said.
The deal could suggest that property prices in Japan have reached a bottom.
Blackstone may sell some of the buildings and own some after the acquisition of the debt portfolio, the person told
Bloomberg
.
The
Nikkei
newspaper first reported the news, saying a deal between Blackstone and Morgan Stanley was imminent.
-- Written by Joseph Woelfel in New York.
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