Wednesday, September 28, 2005

Icing on the Cake

Four big players are preparing Tokyo IPOs in the near future: Mitsui Fudosan’s residential REIT (its second after Nippon Building Fund), Lone Star’s Pacific Golf Management, Goldman Sachs unit Accordia Golf Japan (see also this article), and Mori Building, Tokyo’s leading private developer, with its office and residential portfolio (see this article). The new Mori REIT will include the huge office tower within its high-profile Roppongi Hills complex.

Lone Star and Goldman Sachs Group have acquired a combined 180 golf courses in Japan in the past five years. They will probably be huge successes for the two funds, since they picked up the mostly underperforming assets for next to nothing. The economic recovery will also encourage investors to pick up the new issues.

Lone Star has certainly had a busy year both exiting the market and preparing for more offensives –next month divesting themselves of about 7 billion yen in shares of Tokyo Star Bank, while earlier this year raising about $5 billion for its latest fund.

Japan Real Estate Blog
Tags : japan, real estate, property, investment, 不動産


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