NEW YORK ( TheStreet) -- Blackstone Group ( BX) may buy Morgan Stanley ( MS) 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. Get more stock ideas and investing advice on our sister site, Stockpickr.com.