Blackstone has emerged as the frontrunner to buy a mixed-use office complex in Tokyo being sold by Seibu Holdings in a deal that could be worth around ¥400 billion ($2.6 billion), according to people familiar with the matter.
Seibu has chosen to work with the U.S. alternative investment firm for the sale of its Tokyo Garden Terrace Kioicho after a months-long bidding process, said the people, who asked not to be identified because the matter is private.
The price being negotiated is around ¥400 billion and could change as the talks also include an agreement for Seibu to continue operating and managing the complex, the people said. Any sale around that amount would make it one of the most expensive single real estate transactions in Japan.