NEW YORK (
real estate assets in Japan,
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,
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
newspaper first reported the news, saying a deal between Blackstone and Morgan Stanley was imminent.
-- Written by Joseph Woelfel in New York.
Get more stock ideas and investing advice on our sister site,