Updated at 10:53 a.m., Friday, December 28, 2007
Prospect to sell shares of Japanese company
Advertiser Staff
An affiliate of Hawai'i Kai-based Prospect Asset Management has agreed to sell a major block of shares in Japanese real estate developer Shin-Nihon Tatemono Co. Ltd., reducing its 50.1 percent interest in the company.The company said Columbus KK will purchase a little more than 11 million shares of Shin-Nihon's stock at a price of 800 yen per share. The sale amounts to an about 33 percent interest in the real estate developer.
Prospect Asset Management is part of the Prospect Group, which is headed by investor Curtis Freeze and focuses on investments in Japan. The group manages about $1.27 billion in assets.
Prospect said it had invested in Shin-Nihon in 2006 and provided 10-billion yen of financing to the company. That helped Shin-Nihon increase earnings. Columbus KK is a subsidiary of daVinci Advisors KK, a large Japanese investment fund.
"Prospect concluded that it has largely completed the contribution Prospect can make to Shin-Nihon Tatemono at this stage of that company's growth and that a new investment partner was needed to continue this growth," the investor said in a press statement.
Bloomberg News reporter earlier this week that daVinci was offering 800 yen a share for Shin-Nihon's stock in an effort to buy a 32 percent stake in the company worth about $77 million.
