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TOKYO—In Japan’s largest commercial property transaction of the year to date, the Blackstone Group is buying GE Capital’s multifamily business for approximately US $1.6 billion, or more than 190 billion yen. The deal for more than 10,000 residential units across 200 properties primarily in Tokyo, Osaka, Nagoya and Fukuoka signals a greater focus on Asian markets for the New York City-based asset management firm.

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