One of the world's true investment giants is mulling another foray into real estate by jumping on board with another capital firm.

Blackstone Group is negotiating the purchase of a minority share in San Francisco-based GI Partners, Bloomberg reports. GI owns multiple minority shares in other ventures by itself, along with a $1B real estate investment fund, according to Bloomberg.

Blackstone's investment would be through Blackstone Strategic Capital, its subsidiary dedicated to minority investments in other asset management companies. A deal has not yet been finalized, and no potential value of Blackstone's buy-in has been disclosed, Bloomberg reports.

GI Partners has investments across multiple commercial real estate sectors, including distribution centers, senior housing and student housing. In 2017, it sold a multifamily portfolio it owned as part of a joint venture with Waypoint to Colony Starwood for $815M. GI is also planning to raise a $1B fund dedicated to investing in digital infrastructure such as data centers, as Bloomberg reported in October.

GI was rumored to be seeking minority buyers back in May of this year, reportedly enlisting Evercore Partners to find interested parties. If Bloomberg's report is true, then GI may have piqued the curiosity of one of the biggest investors on the planet.