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Blackstone to Acquire Tokyo Garden Terrace Kioicho for ¥400 Billion ($2.6 Billion), Largest-Ever Acquisition by Foreign Fund

Dec 12, 2024, 08:17 AM

Blackstone is set to acquire the Tokyo Garden Terrace Kioicho complex from Seibu Holdings for approximately ¥400 billion, equivalent to $2.6 billion. This transaction marks the largest real estate acquisition by a foreign fund in Japan. The deal follows Nippon Life Insurance's recent $8.2 billion purchase of Resolution Life Group, indicating Blackstone's intent to strengthen its relationship with the Japanese firm. The complex is located on the site of the former Akasaka Prince Hotel in Chiyoda, Tokyo, and the sale was officially announced by both companies.