Pac Alliance, Secured Capital Japan to co-invest

HONG KONG, March 12 (Reuters) - Hong Kong-based alternative asset manager Pacific Alliance Group will buy up to 4.5 billion yen ($46 million) of convertible bonds issued by Secured Capital Japan 2392.T and the two firms said they will also jointly invest in property and distressed debt.

Many real estate firms in Asia are under pressure as prices have fallen and financing dries up.

Pacific Alliance and Security Capital Japan, a real estate investment manager, said they will look to jointly invest in real estate and distressed debt opportunities in Japan and the Greater China region over the next several years.

Pacific Alliance, which manages more than $4 billion, made an initial payment of 3 billion yen on Thursday for Secured Capital Japan's convertible bonds. The Japanese firm managed $5.7 billion in assets as of the end of 2008. (Reporting by Tony Munroe; Editing by Ken Wills)