Blackstone Group LP, the world's largest alternative asset manager, said it will buy residential assets in Japan from GE Japan Corp for more than 190 billion yen ($1.6 billion).
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The business owns and operates more than 200 residential properties in Tokyo, Osaka, Nagoya and Fukuoka.
"This transaction supports our global strategy to reduce our equity book as we continue to build our global debt operations," Francois Trausch, Chief Executive, Asia-Pacific at GE Capital Real Estate, said in a statement. (1 US dollar = 118.0100 Japanese yen) (Reporting by Amrutha Gayathri in Bangalore)