The Blackstone Group has inked an agreement to manage Bank of America Merrill Lynch's Asian real estate assets across Asia, with the majority in Japan, China, India and South Korea.
The Blackstone Group will act as the new general partner for the Merrill Lynch Asian Real Estate Opportunity Fund. Since acquiring Merrill Lynch, Bank of America has made the decision that the Merrill Lynch real estate assets in Asia are not core to its strategy for the region. Terms of the transaction were not disclosed.
Commenting on the transaction, Jonathan Gray and Chad Pike, co-heads of Blackstone's real estate group, said: "This transaction represents a very significant opportunity for Blackstone. We are already the largest opportunistic real estate investor in the U.S. and Europe. This gives us a substantially larger platform to continue to bring success to our limited partners in a region where we see major growth going forward."
Most of the current Merrill Lynch Asia real estate team has reportedly agreed to join the Blackstone real estate group.
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