Junko's Feed
Jun 1, 2011

Mitsubishi Estate to invest £4.4 billion over 3 years

TOKYO (Reuters) – Mitsubishi Estate (8802.T: Quote, Profile, Research) plans to spend $7.4 billion (4.4 billion pounds) in the next three years for investments in Japan and overseas, half of which in Japan’s hottest business district as it wants to keep attracting international tenants, its chief executive said.

The amount is a 50 percent increase over spending for the past three years, with the firm investing about 300 billion yen in developing Tokyo’s Marunouchi business district to help the nation boost its standing as an Asian financial hub.

Jun 1, 2011

Mitsubishi Estate to invest $7.4 bln over 3 yrs

TOKYO, June 1 (Reuters) – Mitsubishi Estate plans
to spend $7.4 billion in the next three years for investments in
Japan and overseas, half of which in Japan’s hottest business
district as it wants to keep attracting international tenants,
its chief executive said.

The amount is a 50 percent increase over spending for the
past three years, with the firm investing about 300 billion yen
in developing Tokyo’s Marunouchi business district to help the
nation boost its standing as an Asian financial hub.

May 25, 2011

Advantage Partners: lenders in talks to take over Tokyo Star Bank

TOKYO, May 25 (Reuters) – Japanese private equity firm
Advantage Partners said that four special purpose firms it
established to buy Tokyo Star Bank for about $2.2 billion three
years ago missed loan payments and would likely relinquish
control of the mid-sized bank.

The development will pave the way for Tokyo Star to come
back under the umbrella of U.S. investment fund Lone Star, which
had taken the bank public in 2005 and sold its remaining stake
in 2008 to the entities set up by Advantage Partners near the
height of a leveraged buyout boom.

May 23, 2011

Lone Star back as top shareholder of Tokyo Star-sources

TOKYO, May 23 (Reuters) – U.S. investment fund Lone Star
will become the top shareholder in Tokyo Star Bank when Japanese
private equity firm Advantage Partners relinquishes ownership
due to trouble repaying debt, two people with direct knowledge
of the matter said.

The transaction will bring Tokyo Star back under the
umbrella of Lone Star, which had taken the mid-sized lender
public in 2005 and sold its remaining stake to Advantage
Partners in 2008 near the height of a leveraged buyout boom.

May 19, 2011

Moody’s: may review Tepco ratings if comp laws not passed

TOKYO, May 19 (Reuters) – Moody’s Investors Service said it
may review the credit ratings of Tokyo Electric Power if Japan
fails to pass laws in the current parliamentary session on a
scheme to help the utility handle compensation payments related
to its crippled nuclear plant.

Such a move would see Moody’s view on debt from Tokyo
Electric , one of the most active bond issuers in Japan,
shifting to junk status.

May 6, 2011

Takefuji selling property to help repay debt-administrator

TOKYO, May 6 (Reuters) – Failed Japanese consumer lender
Takefuji, soon to be taken over by Seoul-based A&P Financial,
will sell its headquarters and other real estate as it tries to
repay debt of 1.5 trillion yen ($18 billion), its court
appointed administrator said on Friday.

Takefuji, which failed in September after being hit by a
court order to repay customers overcharged interest, is planning
to draw up restructuring plans by July, the company’s
court-appointed administrator Eiichi Obata told a news
conference.

Apr 28, 2011

Takefuji names buyer while Japan consumer lenders suffer massive losses

TOKYO, April 28 (Reuters) – Korean consumer lender A&P
Financial will start turning around business at failed Japanese
peer Takefuji Corp at a time when Japan’s three biggest consumer
lenders are warning of combined losses of about $4 billion,
squeezed by a government order to repay overcharged interest to
customers.

Takefuji said on Thursday that A&P Financial has agreed to
buy it. The price was not disclosed.

Apr 25, 2011

Mori Trust: may eventually sell Parco stake to Aeon

TOKYO (Reuters) – Mori Trust will hold on to its 33 percent stake in fashion retailer Parco Co (8251.T: Quote, Profile, Research, Stock Buzz) for at least a year but may eventually sell it to Aeon Co (8267.T: Quote, Profile, Research, Stock Buzz), the head of the Japanese property developer said.

Mori Trust has been pressuring Parco to boost its earnings and recently joined hands with Aeon, Japan’s second-largest retailing group, to oust Parco’s top management, marking a rare victory for a shareholder activist in Japan.

Apr 15, 2011

Morgan Stanley fund fails to repay debt on Tokyo property

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) and other investors, the largest repayment failure of its kind in Japan.

It marks the latest fallout from a series of highly leveraged investments by Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), one of the most aggressive investors in worldwide property markets before the global financial crisis.

Apr 15, 2011

M.Stanley fund fails to repay $3.3 bln debt on Tokyo property-sources

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone and other investors, sources said on Friday.

The repayment failure is the largest of its kind in Japan and marks the latest fallout from a series of highly leveraged investments by Morgan Stanley, one of the most aggressive investors in worldwide property markets before the global financial crisis.