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Urban to sell securitisation business to fund-source

Sun Dec 21, 2008 11:15pm EST

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TOKYO, Dec 22 (Reuters) - A fund set up by Kyokuto Securities (8706.T) and Chuo Mitsui Trust Bank plans to take over the real estate securitisation business of failed Japanese property developer Urban Corp, which is set to submit rehabilitation plans on Monday, an informed source said.

Urban also plans to sell its residential business to a joint venture formed by Hiroshima Bank Ltd (8379.T) and Hiroshima Venture Capital, said the source, who declined to be identified because the information is not yet public.

Urban, which filed for court protection from creditors in August with 256 billion yen ($2.84 billion) in debt, has over 100 properties in Japan, including one in front of Tokyo's busy Shinbashi station.

The developer is scheduled to file its rehabilitation plans on Monday with the Tokyo district court. (Reporting by Mariko Katsumura; Editing by Chris Gallagher)



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