NEW YORK, Nov 23, 2010-today proclaimed that it had closed on an accord to manage Bank of America Merrill Lynch's Asian real estate assets and to act as the new universal partner for the Merrill Lynch Asian Real Estate chance Fund. Since obtaining Merrill Lynch, Bank of America has made the conclusion that the Merrill Lynch real estate assets in Asia are not core to its strategy for the region. Conditions of the business were not disclosed.
Statement on the transaction, Jonathan Gray and Chad Pike, co-heads of Blackstone's real estate group, said: "This deal represents a very significant chance for Blackstone. We are already the largest opportunistic real estate depositor in the U.S. and Europe. This gives us a considerably larger platform to continue to bring achievement to our limited partners in a region where we see chief growth going onward."
Doug Sesler, Head of BAML Real Estate Principal savings, said, "We are excited about the real estate and management know-how that Blackstone brings to our Asian real estate fund in their new role as General Partner.
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