Transactions - AUGUST 1, 2017

Blackstone bids for Astro Japan Property Group

by Andrea Waitrovich

Astro Japan Property Group has entered into agreements with Jetsons Holdings, an entity that is incorporated in Singapore by funds managed by The Blackstone Group.

Blackstone is acquiring all interests held by Astro Group in the agreement, through which the Astro Group indirectly invests in Japanese real estate for net consideration of JPY37.908 billion ($340 million).

Astro’s portfolio of 27 Japanese retail, office and residential properties is valued at an estimated JPY98.642 billion ($890 million).

Astro Japan security holders will vote on the proposal on Sept. 13.

Earlier this year, Astro Japan declined a takeover offer by an affiliate of Lone Star Fund V.

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