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Cerberus to exit Kokusai Kogyo stake for $1.25bn-$1.34bn

17 Jan 2014

fuji-japan_sqPrivate equity firm Cerberus has reportedly agreed to sell its entire 55 per cent stake in Japanese property group Kokusai Kogyo.

Cerberus will sell the stake to Kokusai’s founding family, which currently controls 45 per cent of the company, for between $1.25bn and $1.34bn, said Reuters, citing people with direct knowledge of the deal.

The price reflects the company’s recent sale of a property in central Tokyo for JPY80bn ($766.8m), said the sources.

The US private equity firm backed Kokusai Kogyo in 2004.

Meanwhile, Cerberus is reportedly planning to exit its investment in Japanese railway and hotel group Seibu.

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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