Lone Star sells suburban Tokyo real estate asset for $381m
US buyout firm Lone Star has sold Yodobashi Multi Media Kichijoji, a commercial building in a west Tokyo suburb, to real estate investment firm Hulic for an estimated JPY30 billion($381 million).
The building, which counts electronic appliance retailer Yodobashi Camera Multimedia as its key tenant, is located in Kichiijoji district of Musashino city. The area is close to 23 wards, a popular residential and shopping area.
Star Capital, an affiliate of Lone Star, bought the building from Kansa-based Kintetsu Group. From the sell, Kinetetsu made a JPY4.8 billion ($61 million) profit in 2006. Hulic, which is part-owned by Mizuho Financial Group, said in the statement that it will only operate the asset for a short time. It is already in talks with potential acquirers.
Distressed assets expert Lone Star has been aggressively investing in Japanese real estate since early 2000, including commercial leisure facilities. It invests through the Lone Star Real Estate Fund, which was launched in December 2007 with $2.5 billion in capital commitments.
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