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lackstone has agreed to purchase Tokyo Garden Terrace Kioicho, a 2.4 million-square-foot mixed-use property in central Tokyo, from affiliates of Seibu Holdings for $2.6 billion (approximately JPY 400 billion). This deal marks the largest real estate investment by a foreign investor in Japan and Blackstone's largest investment in the country to date.

    The property features two high-rise towers with a Grade A+ office building that is fully occupied, as well as luxury residential units, a hotel, conference spaces, restaurants, and retail stores. Blackstone has built a significant real estate portfolio in Japan across various sectors, including hotels, rental housing, logistics, and data centers.

    The firm has been an active investor in Japan for over 17 years, partnering with Japanese companies to acquire and divest assets. Notable transactions include the acquisition of an eight-hotel portfolio from Kintetsu Group and a logistics portfolio from Daiwa House.

    "This is a landmark opportunity to acquire a prime Tokyo asset," said Chris Heady, Chairman of Asia Pacific and Head of Real Estate Asia at Blackstone. "Japan is one of our most important markets globally, where we have acquired $16 billion of real estate assets since 2013."

    "We are thrilled to partner with Seibu and add this mixed-use property to our portfolio in Japan," added Daisuke Kitta, Head of Real Estate Japan at Blackstone. "We will mobilize our local teams and global platform to support the asset's long-term success."

    Ryuichiro Nishiyama, President and Representative Director, COO of Seibu Holdings, stated that Blackstone's proposal will contribute to the property's growth and development, with Seibu continuing to manage the asset through a long-term partnership.