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Cerberus offloads Tokyo land parcel

14 Feb 2014

fuji-japan_sqPrivate equity firm Cerberus Capital Management has reportedly sold a land parcel in Tokyo to Japanese general contractor Shimizu Corp.

Cerberus disposed of a 1,900 square meter block of land in Tokyo’s Aoyama shopping district for JPY13bn ($127m), said Reuters, citing sources.

The land was owned by Showa Jisho Co, a real estate business owned by Cerberus.

The US private equity firm has been actively disposing of its assets in Japan. Earlier this month Cerberus sold its 55 per cent stake in Japanese property group Kokusai Kogyo.

Cerberus is also planning to exit its stake in Japanese railway and hotel group Seibu via an IPO.

Last year Cerberus raised its stake in Seibu via a tender offer, falling short of its goal of nearly 45 per cent. Seibu opposed the US firm’s efforts to increase its shareholding with president Takashi Goto saying that proposals from Cerberus would hurt the company’s mid- and long-term strategy.

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