Polaris invests in Japan's Myland Real Estate
Polaris Capital Group has acquired a 30% voting stake in Myland Real Estate through its second country-focused fund. The investment is part of the Japanese property broker's wider strategy to expand its business in preparation for an IPO in the next couple of years.
The transaction was structured as a subscription for new shares in Myland. Polaris will now manage the company alongside its founder, Yasujiro Okano, and OGI Holdings. The plan is to bring in several directors and officers to enhance Myland's financial and administrative capabilities.
Since its inception in 2010, Myland has established presence in all 46 prefectures in Japan. It focuses on affordably priced existing properties to capture demands of first-time buyers.
Polaris rolled out its maiden fund at JPY29.6 billion ($379 million) in 2005. Three years later, it held a final close for a successor vehicle at JPY31.9 billion. The fund targets majority stakes in Japan-based private enterprises across various industries, including consumer products, electronics and financial services.
The firm is in the process of raising its third fund, which has a target of JPY30 billion. Japan's Organization for Small & Medium Enterprises and regional Innovation has reportedly committed JPY4 billion.
This is the second disclosed investment by Polaris since the start of the year. In May, it acquired 62% stake in Voyage Group, a Japanese online media and research services provider for an undisclosed amount.
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