HONG KONG, March 12 Hong Kong-based alternative
asset manager Pacific Alliance Group will buy up to 4.5 billion
yen ($46 million) of convertible bonds issued by Secured Capital
Japan 2392.T and the two firms said they will also jointly
invest in property and distressed debt.
Many real estate firms in Asia are under pressure as prices
have fallen and financing dries up.
Pacific Alliance and Security Capital Japan, a real estate
investment manager, said they will look to jointly invest in real
estate and distressed debt opportunities in Japan and the Greater
China region over the next several years.
Pacific Alliance, which manages more than $4 billion, made an
initial payment of 3 billion yen on Thursday for Secured Capital
Japan's convertible bonds. The Japanese firm managed $5.7 billion
in assets as of the end of 2008.
(Reporting by Tony Munroe; Editing by Ken Wills)