U.S. firm wins bid to rescue Japan's first failed REIT

04/7/2009 | Reuters

The U.S. fund Lone Star has won the competition to turn around Japan's first failed real estate investment trust, New City Residence Investment Corp., according to this article. Lone Star beat out Oaktree Capital Management, Goldman Sachs Group and the Development Bank of Japan in the bidding, Reuters says, quoting two unnamed sources that it says had direct knowledge of the transaction.

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