Blackstone Group LP agreed to buy GE Japan Corp.’s residential-property business for more than 190 billion yen ($1.61 billion) to expand its apartment holdings in Japan.

The business being acquired owns and operates more than 200 properties with more than 10,000 residential units, mainly in Tokyo, Osaka, Nagoya and Fukuoka, Blackstone said in a statement yesterday. The New York-based company, the biggest U.S. single- family rental-home landlord, said it’s making the purchase partly with its new Asia real estate fund.

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