Blackstone Group is reportedly looking to renew its ownership of a $2.4bn Japanese property portfolio as troubled Anbang Insurance Group eyes an exit.
The private equity giant sold the portfolio to China‘s Anbang two years ago, and is now in the bidding to bring them back under its control according to Reuters, which cited two unnamed sources.
Anbang bought the assets during a two-year acquisition spree, which came to an abrupt end early last year when then-chairman Wu Xiaohui was charged with fundraising fraud.
The portfolio largely consists of middle-class-focused apartments in Tokyo, Nagoya and other large Japanese cities.
Anbang made a failed attempt to sell off some of the portfolio last year, with potential buyers reportedly being put off by the age and location of the assets, Reuters sources said at the time.
Blackstone made the deal through its Strategic Capital Group, which invests from a $3.3bn permanent capital vehicle created in 2014 to target stake purchases in PE and hedge fund managers.
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