The alternative asset management company Blackstone (BX.US) announced that its real estate Fund has reached a final agreement to acquire the multifunctional complex asset project "Tokyo Garden Terrace Kioicho" from a subsidiary of Seibu Holdings, covering an area of 2.4 million square feet with a transaction value of 2.6 billion USD, making it the largest investment by a foreign company in Japan's real estate sector and also the largest investment made by Blackstone across all business sectors in the Japanese market to date.
The Tokyo Garden Terrace Kioicho asset located in the center of Tokyo consists of two high-rise towers, one of which is a fully leased Grade A office building.
It also includes 135 high-end Residences, a luxury hotel with 250 rooms, meeting and wedding venues, over 30.
cafés and Restaurants, as well as Commodity and service stores. Chris Heady, Chairman of Blackstone Asia Pacific and Head of Asian Real Estate, stated that since 2013, Blackstone has cumulatively acquired real estate assets in Japan valued at 16 billion USD.