Blackstone looks to re-acquire Japanese property portfolio from Anbang Insurance

Blackstone is looking to buy back the $2.4 billion property portfolio that the firm sold to Anbang Insurance Group for ¥260 billion ($2.4 billion) in 2017.

The sale is in the early stages and a price has not yet been established.

Reuters has reported the Chinese government took control of financially troubled Anbang in February 2018, and the company’s former chairman, Wu Xiaohui, was later sentenced to 18 years in prison for fraud and embezzlement.

The portfolio comprises mainly residential buildings in Tokyo and several other major cities in Japan, according to Reuters. The insurer attempted to sell off some of the assets in 2018, but encountered lukewarm interest due to age and location of the buildings.

According to Bloomberg, South Korea’s Mirae Asset Financial Group has emerged as the lead bidder in a separate competitive bidding process for portfolio of 15 luxury hotels in the United States. Anbang also purchased the assets from Blacks