Goldman, Fortress invited to bid for Anabuki-sources

TOKYO, Feb 10 (BestGrowthStock) – Goldman Sachs (GS.N: ) and Fortress
(FIG.N: ) are among firms invited to bid for Anabuki Construction
Inc, a Japanese apartment developer that failed last year with
about $1.6 billion in debt, three sources said.

Anabuki, based on the southern island of Shikoku, announced
on Tuesday that it had hired Nikko Cordial Securities as its
adviser in finding an investor to buy the company and help it
rebuild its operations.

Based on previous cases in the same industry and of the same
amount of debt, the deal could be worth 50-80 billion yen
($557-892 million), said one of the sources, who added that
Anabuki would aim to find an investor by May.

Invitations were sent to more than 100 firms, the source
said.

The sources were not authorised to speak on the record about
the deal. Anabuki and Nikko Cordial declined to comment.

Anabuki ranked as Japan’s third-largest condominium developer
in 2008 behind Daikyo Inc (8840.T: ) and industry leader Mitsui
Fudosan (8801.T: ), according to the Real Estate Economic
Institute, a research firm.

But Anabuki was hit hard by the slump in Japan’s property
market in the wake of the financial crisis.

It filed for bankruptcy in November with 139 billion yen in
liabilities, making it the country’s sixth largest corporate
failure last year, according to Tokyo Shoko Research.

Stock Market

(Reporting by Junko Fujita)

Goldman, Fortress invited to bid for Anabuki-sources