BLACK­STONE MAKES $347M BUY­OUT OF­FER FOR JA­PANESE REAL ES­TATE TRUST

Shopping Center News - - NEWSMAKER INTERNATIONAL -

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.

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