LONDON—Blackstone Group LP is buying Max Property Group Plc for $707 million. Max Property made an announcement earlier this week, after numerous news articles citing anonymous sources appeared in the European business press in recent days.

“Max has performed extremely strongly since its listing in 2009, achieving its key objectives of acquiring a substantial portfolio of assets at a time of market distress and managing them intensively to generate market leading returns,” said chairman Aubrey Adams in a statement released Wednesday.

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