Goldman to invest $253 mln in Japan's Ardepro

TOKYO, Aug 10 (Reuters) - Japanese real estate firm Ardepro Co. Ltd. (8925.T) said on Friday it would raise 29.9 billion yen ($253 million) by issuing new shares and convertible bonds to Goldman Sachs (GS.N), sending its shares lower.

Ardepro, which buys used apartment and office buildings and renovates them for resell, said Goldman will buy 20 billion yen worth of new shares on Aug. 28, taking a 17.9 percent stake.

The Tokyo-based company also plans to issue about 10 billion yen in convertible bonds on the same day.

If converted into shares, that would raise Goldman's stake in Ardepro to 23.4 percent.

Ardepro plans to use the proceeds to procure properties for renovation and reselling.

Shares in Ardepro were down 8.9 percent at 24,090 yen in afternoon trade on concerns of dilution of per-share value.

The new share issue and conversion will boost Ardepro's total shares outstanding by as much as 30 percent. ($1=118.37 Yen)