PAG Real Estate Partners has bought a portfolio of office assets in Japan for $1bn (€905m).
The core-plus fund, managed by Hong Kong-based investment manager PAG, bought the 26 properties from GE Japan Corporation.
Most of the portfolio is in Tokyo.
Earlier this year, the bulk of GE’s assets from its GE Capital Real Estate arm were offloaded as it refocused on its industrial businesses.
GE’s sale of the portfolio of commercial real estate loans and assets to Blackstone and Wells Fargo for $23bn is due to close by the third quarter.
PREP typically invests in office buildings across Asia, including Hong Kong, Shanghai, Tokyo, Beijing, Singapore and Seoul.
Partner Broderick Storie, responsible for the strategy, said: “This portfolio acquisition sits squarely within the strategy’s objectives and provides an attractive income-driven return profile for our investors in one of Asia’s more compelling core markets.”
PAG’s real estate business includes Tokyo-based Secured Capital Investment Management, which has more than $9bn in real estate assets under management and predominantly invests in distressed real estate assets and debt in Japan.
It manages opportunity and core-plus funds.