Fortress Investment to inject $540m in Japanese rental firm Leoplace21

Japan by Manuel Consentino on Unsplash

U.S. investment fund Fortress Investment Group will inject 57 billion yen ($540 million) in cash-strapped apartment rental firm Leopalace21 Corp, the Japanese company said on Wednesday.

The investment by Fortress comes as Leopalace21, which leases affordable apartment units for their owners, said this week its liabilities exceeded assets by 11.8 billion yen as of June.

Leopalace21’s balance sheet had been squeezed by costs relating to repairing apartment buildings and falling rental income due to weaker demand from the outbreak of the coronavirus.

Leopalace21 in 2018 disclosed defects in walls for the properties they manage, as well as issues relating to fire resistance and noise insulation.

The investment by SoftBank Group-owned Fortress highlights its bet in Japan’s housing market, which generates steady cash flow.

The U.S. investment group in 2017 bought almost 100,000 units of mostly aged apartment buildings from the Japanese government for about 60 billion yen.

Leopalace21, which operates almost 600,000 units nationwide, posted 434 billion yen in revenue for the year ended March.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.