Private equity firm Blackstone Group is to manage some of Bank of America's Asian real estate assets, a source familiar with the situation said, confirming an earlier report in the Financial Times.

The portfolio is valued at about $2 billion, excluding debt, the Financial Times reported.

Details of the deal was in a letter sent to investors last week, the source said.

Blackstone declined comment. Bank of America was not immediately available for comment.

(Reporting by Megan Davies; Editing by Tomasz Janowski)