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).
The business owns and operates more than 200 residential properties in Tokyo, Osaka, Nagoya and Fukuoka.
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"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)