Junko's Feed
Aug 6, 2013

Hank Greenberg, Abu Dhabi fund, others to buy Tokyo building for $1 bln -sources

TOKYO, Aug 6 (Reuters) – A group including former U.S.
insurance magnate Maurice “Hank” Greenberg and an Abu Dhabi
sovereign fund have agreed to buy a prominent Tokyo office
building for $1 billion, the biggest property deal in Japan
since February, people with direct knowledge of the transaction
said.

The decision by the foreign and Japanese investors to
acquire the ageing but distinctive structure in central Tokyo
highlights expectations that real estate values will revive as
Prime Minister Shinzo Abe’s pro-growth economic policies boost
investor sentiment and risk appetite.

Jun 28, 2013

Private equity firm TPG interested in investing in Seibu-sources

TOKYO, June 28 (Reuters) – U.S. private equity firm TPG is
interested in investing in Japan’s Seibu Holdings by either
buying a stake from top shareholder Cerberus Capital Management
or by acquiring new shares, people with knowledge of
the matter said.

TPG sees potential value in Seibu’s businesses, which
include its Prince Hotel chain in Japan, and held initial talks
with Seibu management earlier this year, according to the
sources, who asked not to be named.

Jun 25, 2013

Cerberus fails in Seibu shakeup, decries foreigner snub

TOKYO, June 25 (Reuters) – Cerberus Capital Management LP
failed in its push for a management shakeup at Japan’s
Seibu Holdings on Tuesday, prompting the U.S. private equity
giant to hit out at the conglomerate for snubbing foreign
investors.

Shareholders voted down Cerberus’s bold bid to secure 9 of
15 seats on Seibu’s board, the latest in a raft public spats at
the embattled property and railways firm which is poised to
relist on the Tokyo Stock Exchange.

Jun 24, 2013

Japan’s Seibu and Cerberus in boardroom showdown

TOKYO (Reuters) – Private equity giant Cerberus Capital Management LP CBS.UL and Japan’s Seibu Holdings will square off in a shareholder vote on Tuesday over the U.S. firm’s drive to shake up the board and win more influence.

The standoff between Cerberus and Seibu has been seen by some investors as a test of Japan’s receptivity to foreign capital as popular Prime Minister Shinzo Abe promises to deregulate the economy to stoke growth.

Jun 10, 2013

Tokyo’s Tiffany Building up for sale as market recovers-sources

TOKYO, June 10 (Reuters) – Tokyo’s Tiffany Building is up
for sale with an asking price of at least 25 billion yen
($256.71 million) as owner Asia Pacific Land bets on a recovery
in property prices, people with direct knowledge of the process
said.

The 10-storey building, which houses the flagship store of
jewelers Tiffany & Co, is located in the centre of the
upmarket Ginza area, one of the most luxurious shopping
districts in the world.

May 14, 2013

Woodbrook buys Tokyo office property as market rebounds-sources

TOKYO, May 14 (Reuters) – U.S.-based Westbrook Partners led
the acquisition of a majority stake in a Tokyo office tower for
about 30 billion yen ($295 million) as the market rebounds in
the capital of the world’s third-largest economy, according to
people with direct knowledge of the deal.

The price is half what a fund managed by Morgan Stanley
paid for 66 percent of the building at the peak of the
market seven years ago.

May 13, 2013

Michelin for the masses: Japan’s standing restaurants head for New York

TOKYO, May 13 (Reuters) – Japan’s popular standing
restaurants, where patrons eat food by former Michelin
restaurant chefs for a fraction of the cost at a
seated-restaurant, are about to hit New York.

Michio Yasuda, an executive director at ORENO Corporation,
which owns and runs 18 restaurants in Tokyo, hopes New Yorkers
who are happy to drink while standing at bars will also be happy
to eat while standing.

Apr 25, 2013

Japan’s state-backed funds take risks, but what are the rewards?

TOKYO, April 26 (Reuters) – As part of Japan’s economic
revival plan, the new government has added $3.2 billion to the
spending power of state-linked funds investing in Japanese
companies, effectively acting as venture capitalists much to the
chagrin of private equity firms.

Critics argue the government largesse – the state funds
spending power has now gone up to some $34 billion – will crowd
out private equity in a country that desperately needs
risk-taking investors to revitalise a corporate sector
struggling to maintain its global competitive edge.

Mar 26, 2013

KKR sells Japan staff agency for $721 mln

TOKYO/HONG KONG March 26 (Reuters) – KKR & Co agreed
to sell Intelligence Holdings to Temp Holdings for 68
billion yen ($721 million), almost double what the U.S. buyouts
firm initially paid for the temporary staffing agency three
years ago.

Intelligence Holdings now has equity value of 51 billion
yen, up from 32.5 billion yen at the time of KKR’s purchase, the
U.S. buyout firm said in a statement on Tuesday.

Mar 26, 2013

Seibu opposes Cerberus’s attempt to boost its stake

TOKYO, March 26 (Reuters) – Japanese railway and real estate
group Seibu Holdings said it opposes Cerberus Capital Management
LP’s attempt to increase its stake in the company,
setting up a battle with its largest shareholder.

Seibu on Tuesday asked its shareholders not to sell their
shares to Cerberus.

Cerberus is trying to boost its stake in Seibu by four
percentage points to 36.44 percent, the level at which it could
veto major board decisions, through a tender offer.