TOKYO Feb 7 U.S. private equity firm Cerberus
Capital Management LP completed a sale on Friday of its
stake in Japanese property operator Kokusai Kogyo Co for about
140 billion yen ($1.37 billion), people with knowledge of the
Cerberus sold its 55 percent stake in Kokusai Kogyo to the
Japanese company's founding family, which already held the
remaining 45 percent, according to the people, who were not
authorized to discuss the transaction publicly.
Representatives at neither Kokusai Kogyo nor Cerberus Japan
could be reached for comment.
Reuters reported the U.S. fund's planned sale of Kokusai
Kogyo last month.
The agreed price reflects Kokusai Kogyo's sale last December
of a property in central Tokyo to a consortium led by Nippon
Life Insurance Co, Japan's biggest private-sector
life insurer, for about 80 billion yen, the people said.
Cerberus' exit from Kokusai Kogyo, in which it invested in
2004, comes on the heels of a decision last month by Japanese
railway operator Seibu Holdings Inc to apply for relisting on
the Tokyo Stock Exchange. Cerberus is Seibu's top shareholder
with a 35.48 percent stake.