LONDON—Blackstone Group LP is buying Max Property Group Plc for $707 million. Max Property made an announcement earlier this week, after numerous news articles citing anonymous sources appeared in the European business press in recent days.

"Max has performed extremely strongly since its listing in 2009, achieving its key objectives of acquiring a substantial portfolio of assets at a time of market distress and managing them intensively to generate market leading returns,” said chairman Aubrey Adams in a statement released Wednesday.

“As Max was established with a limited life strategy, the board has always been mindful of its duty to identify the best possible route to crystallise the company's success in a way that would secure the optimal exit for shareholders. This approach from Blackstone, one of the world's largest and best funded property investors, delivers that opportunity at a price which fully recognizes Max's current and future value.” The cash deal will take place through Marina Topco Ltd., a wholly-owned subsidiary of Blackstone Real Estate Partners Europe IV, and is conditional on shareholders' approval, Max Property said in statements issued this week.