Lone Star exits Meguro Gajyoen ahead of loan maturation
US private equity firm Lone Star is planning to sell its Japanese real estate portfolio company Meguro Gajoen for as much as JPY100 billion ( $1.3 billion), according to Reuters.
The move to sell the asset - a complex that includes a hotel and office space located in central Tokyo - comes before loans for the company reach maturity in March 2012. The target exit price is said to recoup JPY80 billion worth of loans that Lone Star borrowed from Mizuho Financial Group when it acquired Meguro Gajoen. Lone Star, which focuses on distressed buyouts, took over Meguro Gajyoen after it filed for bankruptcy protection in 2002, claiming JPY88.3 billion in debt.
Earlier this year, Lone Star sold two office buildings and a hotel in central Tokyo to Mitsubishi Estate, in a deal believed to worth JPY90 billion.
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