Blackstone aiming buyback of Anbang’s Japan property

August 15 2019 by InsuranceAsia News Staff

China’s troubled Anbang Insurance Group has put its US$2.4 billion property portfolio in Japan up for sale and previous owner Blackstone Group, according to Reuters.

The assets include residential buildings in Tokyo and other large Japanese cities.

It is understood the sale process has just started. Anbang is planning to sell the entire portfolio it bought from Blackstone.

A price has not been set as the sale is still in its early stages.

Anbang paid Blackstone about ¥260 billion (US$2.4 billion) for the portfolio in 2017 – at the time it was Japan’s biggest property deal since the global financial crisis.

Residential assets are attractive to Blackstone because they generate stable cash flow regardless of the economic cycle, unlike commercial office buildings, the sources said.

Representatives for Anbang and Blackstone declined to comment.

Meanwhile, it is understood that South Korea’s Mirae Asset Financial Group could buy a portfolio of 15 US luxury hotels, originally owned by Strategic Hotels & Resorts, and could be sold by troubled Anbang Insurance, according to sources.