Blackstone Group is planning to acquire Valad Property Group for a total of around $881 million, The Wall Street Journal reports. The purchase amount includes $227.3 million of cash and debt worth $654.3 million.

The buyer has bought $179.9 million of Valad convertible notes from Kimco Realty, adds Bloomberg. As a part of the deal, which is expected to close in July this year, Blackstone will pay $1.86 for each of the Australian property firm’s share.

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