Blackstone is close to selling a large part of its residential property portfolio in Japan to Anbang Insurance of China, in a $2.3bn transaction that could come as early as the end of this week.
The mooted sale is further evidence that real estate continues to be one of the biggest beneficiaries of negative interest rates in Japan and comes as the country’s central bank continues to buy local real estate investment trusts as part of its unconventional monetary policies.
The transaction was “part of a global rotation from fixed income into other asset classes”, said a person familiar with the matter. “It is a very sensible purchase, because it produces stable income flows.”
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