U.S. private equity group Blackstone Group LLP agreed to buy Singapore-listed and Japan-focused Croesus Retail Trust (CRT) for S$900.6 million ($650 million), part of an trend of buyouts of real estate investment trusts (REITs).

Affiliates of Blackstone Real Estate offered to pay S$1.17 in cash per unit, representing a 38 percent premium to CRT’s 12-month volume weighted average price, Blackstone and CRT said in a joint statement on Wednesday. The shares rose 10.9 percent to S$1.17 on Wednesday afternoon.

“Croesus Retail Trust has an established portfolio of quality Japanese retail assets. This transaction represents a good opportunity for Blackstone’s real estate business to further expand its platform in Japan,” said Christopher Heady, head of real estate Asia at Blackstone Group.

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