Blackstone Group LP said that they are set to acquire seven office buildings from GE Capital Real Estate. The deal was tagged at an estimated AUD290 million or US$262 million. The buildings are situated in strategic location all across Australia. The Blackstone Group said that they are expecting completion for the purchase within the week. Blackstone Group PLC, the New-York based private equity firm, said that they will borrow an estimated 70% of the funds to purchase GE Capital as part of the agreement. Blackstone aims to widen its operations in Australia by buying low-quality assets that require leasing work or redevelopment.

Last  May, GE Capital Real Estate agreed to the sale of seven office buildings located in Melbourne, Perth and Sydney to the Australian property trust, Mirvac Group. The price for the deal was tagged at AUD584 million.

GE Capital Real Estate is the financial services unit of GE Electric. GE Capital provides commercial leasing and lending. The Blackstone Group is the largest alternative investment firm in the world. Blackstone specialized in credit and hedge funds investment strategies, private equity and financial advisory services.