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Davinci aims to sell 3 Tokyo properties - sources

Mon Mar 2, 2009 10:44pm EST

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TOKYO, March 3 (Reuters) - Davinci Holdings (4314.OJ), a Japanese real estate investor, is trying to sell three office buildings in central Tokyo that it bought for 443 billion yen ($4.5 billion) as it faces deadlines for loan repayments, five people with direct knowledge of the deal said.

Japan

Davinci is sounding out investors on whether they are interested in buying Pacific Century Place, the Shiba Park Building and the Akasaka Kokusai Building, the sources said, asking not to be identified as the transaction is not public yet.

Davinci wants to find buyers for the properties as it needs money to repay its debts, the people said. Others have also begun selling distressed assets in Japan.

A Davinci spokesman declined to comment.

The company reported a net loss of 17.9 billion yen for the year that ended last December and said it expected to post a profit of 315 million yen this year. (Reporting by Junko Fujita and Mariko Katsumura; Editing by Hugh Lawson)



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