Secured Capital gets Pacific Century Place
Tokyo-based real estate investor/asset manager Secured Capital Japan Co. has reportedly agreed to buy the Pacific Century Place building, in central Tokyo, by year end 2009.
The 32-story complex next to Tokyo’s main railway station with tenants including the Four Seasons Hotel Tokyo, was valued at around $1.6 billion. It was originally acquired by realty investor daVinci Advisors for ￥200 billion ($2.2 billion) from Hong Kong-based investment group Pacific Century Group in 2006, with leverage from six banks, including Shinsei Bank and Merrill Lynch. However, earlier this year, lenders took control the asset from daVinci after it failed to repay loans. The Carlyle Group, railway operator East Japan Railway Co., and large property developers, including Mitsubishi Estate Co. and Mitsui Fudosan Co. also reportedly placed bids for Pacific Century Place.
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