According to Reuters global private equity firm Lone Star has put a Tokyo property on sale aiming to raise up to 100 billion yen ($1.3 billion) before loans on the office and banquet hall complex mature early next year, sources with knowledge of the matter said.
The move to sell the Meguro Gajoen complex in central Tokyo reflects Lone Star's desire to fetch a higher price than the 80 billion yen in loans taken out to finance the original purchase, as well as a tough funding environment in Japan that would make it difficult to refinance the loans, the sources said.
The sources asked not to be identified because the planned sale has not been made public. An official at Lone Star's Tokyo office declined to comment...
Find out more at http://www.reuters.com/article/2011/08/12/lone-star-japan-idUST9E7J800X20110812
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