Private equity giant Blackstone has launched a $436 million takeover bid for the ASX-listed Astro Japan Property Trust.

The offer at $7.18 per security values Astro's portfolio of 27 Japanese retail, office and residential properties at $1.1 billion – a 2.4 per cent premium to their most recent valuations – and at an attractive 13 per cent premium to the price securities last traded on Monday prior to the trust being placed in a trading halt on Tuesday morning.