Blackstone could re-buy $2.4bn Japan property portfolio from troubled Anbang

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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.

He was later sentenced to 18 years in prison, with Anbang being taken over by the Chinese insurance regulator and instituting a sell-off of its assets.

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.

Last week Blackstone bought a stake in fellow private equity major BC Partners in a deal the Wall Street Journal said was valued at €500m for up to 15 per cent of the firm.

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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