Blackstone (NYSE: BX), the world's leading alternative investment firm, today announced that Real Estate funds managed by Blackstone ("Blackstone") have entered into definitive agreements to acquire Tokyo Garden Terrace Kioicho, an acclaimed 2.4 million square feet of mixed-use asset, from affiliates of Seibu Holdings. At $2.6 billion (around JPY 400 billion), this marks the largest real estate investment by a foreign investor in Japan and the firm's largest investment to date across businesses in the market.
Located in central Tokyo, Tokyo Garden Terrace Kioicho comprises two high-rise towers consisting of a Grade A+ office, which is currently 100% occupied; 135 high-end residential units; a 250-key luxury hotel; conference and wedding venues; and over 30 cafes and restaurants, and goods and services stores.
Chris Heady, Chairman of Asia Pacific and Head of Real Estate Asia, Blackstone, said: "This is a landmark opportunity to acquire a trophy Tokyo asset from one of Japan's most respected corporations, Seibu Holdings. Japan is one of our most important markets globally, where we have acquired $16 billion of real estate assets since 2013. This transaction represents our conviction in Japan and the deep partnerships we've built with leading Japanese companies like Seibu."
