Junko's Feed
Jun 28, 2012

Tokyo office purchase by Kenedix shows upside to market

TOKYO, June 28 (Reuters) – Japanese property asset manager
Kenedix Inc has won the exclusive right to buy a
distressed property in central Tokyo formerly owned by a fund
run by Morgan Stanley for about 51 billion yen ($639
million), less than half of the price it last sold for in 2008,
three people with direct knowledge of the transaction said.

The end of a one-and-a-half-year search for a new owner is a
signal investors now see some upside to the Tokyo real estate
market with analysts saying the city’s vacancy rates have almost
hit bottom and rents for office buildings are set to rise.

Jun 18, 2012

Nomura excluded from $6 billion Japan Tobacco share sale

TOKYO (Reuters) – Japan has excluded Nomura Holdings (8604.T: Quote, Profile, Research, Stock Buzz) from working on the government’s sale of roughly $6 billion worth of Japan Tobacco (2914.T: Quote, Profile, Research, Stock Buzz) shares, in a blow to Japan’s largest broker as it grapples with an insider trading scandal.

The Ministry of Finance said in a statement on Monday it had chosen JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Daiwa Securities (8601.T: Quote, Profile, Research, Stock Buzz), Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Mizuho Securities as underwriters for the share sale by the world’s third-largest cigarette company.

Jun 12, 2012

Mitsubishi Est to bid for former MSREF Tokyo bldg -sources

TOKYO, June 12 (Reuters) – Mitsubishi Estate is
among bidders to buy a Tokyo office building once owned by a
Morgan Stanley fund, in a deal that should fetch at least
40 billion yen ($500 million) – about one-third of the original
price, three people with direct knowledge of the deal said.

Mitsubishi Estate, Japan’s largest property developer by
market value, is expected to bid jointly later this month with
life insurer Fukoku Mutual Life for the property, the people
said, asking not to be identified because the deal has not been
officially announced.

Jun 3, 2012

Insider trading probe casts shadow on Japan Tobacco offering

TOKYO (Reuters) – A widening probe of insider trading that has ensnared Japan’s largest brokerage now also threatens to complicate a plan to raise as much as $6 billion to fund reconstruction efforts after the March 2011 earthquake, bankers and officials say.

Japan’s Ministry of Finance is in the process of selecting four underwriters to manage a stock offering for Japan Tobacco, the world’s third largest cigarette company – a deal expected to rank as one of Japan’s largest share sales in recent years.

May 28, 2012

Goldman readies lower-risk return to Japan property

TOKYO (Reuters) – Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) is returning to the Japanese property market after a four-year hiatus, looking to raise as much as 400 billion yen ($5 billion) over four years for a privately held real estate trust, a source said.

While the U.S. investment bank snapped up distressed properties from struggling golf courses to hot spring resorts when it was last active in Japan, the latest push will focus on lower risk, less flashy Tokyo office buildings, sources said.

May 21, 2012

SK hynix, GlobalFoundries may try to buy Elpida -source

TOKYO, May 21 (Reuters) – A group of Elpida Memory
bondholders opposes Micron Technology’s offer to buy the
bankrupt Japanese chipmaker and has reached out to South Korea’s
SK hynix and U.S.-based GlobalFoundries to ready a
potential alternative plan, a source with direct knowledge of
the matter said.

SK hynix, which had dropped out during the second and final
round of bidding for Elpida, is interested in the memory
chipmaker’s Taipei operations, while GlobalFoundries is
interested in its Hiroshima operations, said the source, who
asked not to be identified.

May 10, 2012

Japan REIT affiliated with Tokyu plans $1.3 bln IPO

TOKYO, May 10 (Reuters) – A Japanese real estate trust for
commercial properties affiliated with developer Tokyu Land Corp
said on Thursday it would sell about 100 billion yen
($1.3 billion) worth of shares in an initial public offering,
one of the largest share offers by Japanese institutions this

The listing of Activia Properties Inc comes as Japan’s stock
market fell to a three-month low on concerns about the yen’s
gain and the Greek bailout.

May 9, 2012

Japan’s Unison to buy drugmaker Showa Yakuhin from Tokio Marine

TOKYO, May 9 (Reuters) – Japanese private equity firm Unison
Capital on Wednesday agreed to buy a Japanese drugmaker Showa
Yakuhin Kako from a domestic rival Tokio Marine Capital, its
third buyout in six months.

Unison Capital said in a statement that it would buy Showa
Yakuhin with GC Corp, a Japanese maker of dental care materials,
and that they would manage the company together. It did not
disclose the purchase price.

May 2, 2012

Elpida bondholders threaten to thwart auction-filing

TOKYO, May 2 (Reuters) – A group of bondholders of bankrupt
Japanese semiconductor maker Elpida Memory Inc have threatened
to thwart the auction of the company’s assets if trustees agree
to a reported selling price of 150 billion yen ($1.9 billion).

In a filing to a Tokyo district court on April 27, the
bondholders said they could submit a rival reorganisation plan
if the bankruptcy trustees agreed to a low-ball bid that would
“unintentionally transfer great value to the winning sponsor”.

Apr 25, 2012

Advantage Partners has no immediate plans for new fund -sources

TOKYO, April 25 (Reuters) – Japanese private equity firm
Advantage Partners told an investors’ meeting on Wednesday that
it has no immediate plans to launch a new fund despite the
imminent end-June expiry of the investment period for its
existing 220 billion yen ($2.7 billion) fund, three people who
attended the meeting said.

An executive for the firm had said last month that tighter
global regulations had made conditions for raising money less
than ideal.