3 Domestic Firms Vying For REIT under Failed Pacific Holdings

The candidates seeking to become the sponsor of Nippon Commercial Investment Corp., a real estate investment trust under failed property firm Pacific Holdings Inc., have been narrowed down to 3 Japanese firms, according to Nikkei. They are leasing firm Orix Corp., trading house Marubeni Corp. and building maintenance service provider Nippon Kanzai Co. Nippon Commercial, which invests in office buildings and commercial facilities, has assets of about 250 billion yen ($2.5 billion). Following Pacific Holding's bankruptcy filing in March, it has been looking for a new sponsor to help with refinancing loans and obtaining funding for bond redemptions. Initially 6 firms including 3 from overseas showed interest.