Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Kenedix Said to Win Final Bid for Shinsei’s Former Headquarters

Kenedix Said to Win Final Bid for Shinsei’s Former Headquarters
Shinsei Bank Ltd. headquarters stands in Tokyo, Japan, on Friday, May 14, 2010. Photographer: Tomohiro Ohsumi/Bloomberg

June 25 (Bloomberg) -- Kenedix Inc., a Japanese real estate investment company, is set to win the bidding for a Tokyo building that a Morgan Stanley real estate fund turned over to lenders after failing to repay loans, according to two people familiar with the transaction.

Kenedix bid about 51 billion yen ($637 million) in the sale arranged by Orix Corp. and Mizuho Trust & Banking Co., according to the people, who asked not to be identified because the information is confidential. Shinsei Bank Ltd. relocated its headquarters from the central Tokyo office building in 2011.

The Morgan Stanley real estate fund paid 118 billion yen for the building in 2008 and turned the property over to lenders last year after failing to repay loans on time. Deutsche Bank AG lent the fund 92.7 billion yen for the purchase and sold off 72.7 billion yen of the loan to investors as mortgage-backed securities, the Frankfurt-based bank said in a release announcing the loan in July 2008.

Masahiko Tajima, a Tokyo-based Kenedix executive officer, did not return calls seeking comment. Michio Nagano, a spokesman at Mizuho Trust & Banking, and Naomi Shibuya, a spokeswoman at Orix, declined to comment.

To contact the translator on this story: Tomoko Yamazaki in Singapore at tyamazaki@bloomberg.net

To contact the translation editor responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net; James Gunsalus at jgunsalus@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.