TOKYO Aug 10 Goldman Sachs will sell
Japanese contractor Fujita Corp to Daiwa House Industry
for 50 billion yen ($636 million), Daiwa said on Friday, marking
another exit by the U.S. bank from its investments in Japan.
Daiwa, a Japanese home builder, said in a statement that it
would buy all the shares in Fujita. Goldman spent about 45
billion yen in two stages to fully own Fujita by 2008.
A Goldman Sachs representative was not immediately available
to comment Friday on the sale.
Goldman was one of the most active foreign investors in
Japan following the burst of the country's economic bubble
economy in the early 1990s, seeking capital gains by targeting
troubled companies and turning around their businesses.
But it has been recently been focusing on selling its assets
rather than making new investments.
Goldman last year sold its 45 percent stake in golf course
management company Accordia Golf, which it took public
in 2006 after snapping up a string of golf courses and making
them profitable by slashing costs.
Goldman's only major investments in Japan now are USJ Co,
which operates Universal Studios Japan in Osaka, and a stake in
eAccess, a mobile phone operator.
In a similar exit, RHJ International, the holding company
for U.S. buyout fund Ripplewood Holdings, earlier this year sold
its once-bankrupt resort complex in southern Japan to game
developer Sega Sammy Holdings.
Ripplewood, another active investor in distressed assets in
Japan, bought the Seagaia resort, a complex of golf courses,
restaurants and hotels, in 2001 as part of a shopping spree in