TOKYO (Reuters) - Goldman Sachs (GS.N) will sell Japanese contractor Fujita Corp to Daiwa House Industry (1925.T) 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 2131.T, 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 9427.T, 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 (6460.T).
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 Japan.
($1 = 78.6750 Japanese yen)
Reporting by Junko Fujita; Editing by Chris Gallagher