Daikyo, J-Will to buy failed condo builder Anabuki

TOKYO, May 29 (BestGrowthStock) – Japanese developer Daikyo Inc
(8840.T: ) has beaten TPG Capital and Advantage Partners to buy
failed apartment builder, Anabuki Construction Inc.

Anabuki said a consortium made up of Daikyo, one of the
largest apartment developers in Japan, and investment firm
J-Will Partners Co, won the bid for the firm from among 30
contenders.

Daikyo and J-Will were expected to spend a little over 10
billion yen ($110 million) in equity and debt in Anabuki, an
Anabuki spokesman said.

Anabuki, based on the southern island of Shikoku, last year
failed with about $1.6 billion debt. It had hired Nikko Cordial
Securities to find an investors to buy the company and help it
rebuild its operations. [ID:nTKX006671]

CarVal Investors, an investment firm set up by agribusiness
giant Cargill Inc [CARG.UL], was one of the bidders that
submitted a final bid on May 14, sources have told Reuters.
[ID:nTOE64N079]

Daikyo was ranked as a top apartment developer in 2008 and
2009, taking over from Anabuki which had held the position in
2007, according to the Real Estate Economic Institute.

J-Will Partners is expanding its investment in
condominiums, and last year agreed to to buy failed apartment
builder, Morimoto.

Anabuki, hit hard by the slump in Japan’s property market,
filed for bankruptcy in November with 139 billion yen in
liabilities in Japan’s sixth-largest corporate failure last
year, according to Tokyo Shoko Research.

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(Reporting by Junko Fujita and Taiga Uranaka; editing by Bill
Tarrant)

Daikyo, J-Will to buy failed condo builder Anabuki