SINGAPORE (June 27): Private equity firm Blackstone Group is nearing a deal to buy Croesus Retail Trust which has called for a trading halt, reported Dow Jones.

The deal would allow Blackstone to gain control of Croesus Retail Trust, which manages a portfolio worth about $1.5 billion consisting mainly of shopping malls in cities such as Osaka, Hatsukaichi City and Sobu-machi.

Croesus Retail Trust, which is backed by its partners Daiwa House Industry Co., and Marubeni Corp., said in April that it had been approached with an offer and that it was engaged in preliminary talks.

Croesus last traded at $1.055 before the halt, giving it a market cap of $814 million.