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Blackstone Said to Acquire GE Apartments for $2.7 Billion

Blackstone Group LP, the largest manager of private-equity real estate funds, agreed to buy 80 U.S. apartment properties from General Electric Co. for about $2.7 billion, a person with knowledge of the deal said.

The firm is acquiring the properties from the conglomerate’s GE Capital unit, said the person, who asked not to be identified because the transaction isn’t public. GE has been paring its real estate holdings as part of a strategy to shrink its finance division.