Jones Apparel Group Inc. is near a deal to sell the Barneys New York high-end clothing chain for $825 million to Dubai's private equity firm Istithmar, The New York Times reported on Friday.

A deal could be announced on Friday, the Times said, citing people involved in the talks.

Jones Apparel did not immediately return a call seeking comment. A spokeswoman for Istithmar in Dubai declined to comment, saying that Friday was a day of prayer and rest in Dubai.

Istithmar, which has a global real estate portfolio valued at $7 billion to $8 billion, including prime properties in London and New York, has been aggressively buying up U.S. property and other assets over the past year. The investment firm owns off-price apparel retailer Loehmann's Holdings Inc. and a major stake in the Mandarin Oriental New York hotel.