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Reno wins right to invest in Japan's failed Joint

Mon Nov 2, 2009 7:56am EST

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TOKYO, Nov 2 (Reuters) - Reno Inc, a Japanese investment firm, won the right to invest in failed Japanese apartment developer Joint Corp, beating Goldman Sachs Group Inc (GS.N), Aetos Capital and others.

Joint Corp filed for bankruptcy protection in May with 147.6 billion yen ($1.6 billion), becoming one of several property firms to fail due to a sharp slowdown in the market, and it has been looking for an investor to keep its businesses going.

The announcement on Reno was made by Joint Reit Investment Corp, a publicly traded real estate trust in Japan sponsored by Joint Corp.

Sources have told Reuters that bidders included Goldman, Aetos as well as Fortress Investment Group (FIG.N) and Asian investment fund Pacific Alliance Group. (Reporting by Junko Fujita; Editing by Dan Lalor) ($1 = 89.95 yen)



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