BLACKSTONE MAKES $347M BUYOUT OFFER FOR JAPANESE REAL ESTATE TRUST
US private equity giant Blackstone is looking to add more Japanese properties to its $104 billion global trove of real estate assets under management. The New York-based firm has offered to acquire ASX-listed Astro Japan Property Trust, which owns a portfolio of Japanese office, retail, residential, and hotel assets for A$436 million ($346.8 million). The deal, which values the trust’s Tokyo-focused portfolio at A$1.1 billion ($875.2 million), would significantly boost Blackstone’s footprint in Japan, on the heels of the company’s $651 million offer for a Singapore-listed business trust that owns a Japanese shopping mall portfolio.
Astro’s portfolio comprises 29 Japanese real estate assets, 27 of which it fully owns, with these properties mainly located in central and greater Tokyo, with others in Fukuoka, Osaka, and Shizuoka. Retail properties account for over half the value of the portfolio, with offices comprising just over one quarter, and residential and hotel assets making up the remainder. The properties are said to be 99 percent occupied by area. Astro, which is managed by Tokyo-based Spring Investment, is the last Australia-listed trust with a Japanese property portfolio.