Secured Capital Japan To Buy Tokyo Skyscraper For Y140bn

Secured Capital Japan Co(SCJ)., a leading real estate fund, will buy the Pacific Century Place, a premier class 32-story building located in Marunouchi for about 140 billion yen, according to the Nikkei. The deal will go down as the biggest domestic real estate transaction since the financial crisis. The developer, Hong Kong's Pacific Century Group, sold the building to DaVinci Holding KK for about 200 billion yen in 2006. After DaVinci defaulted on re-financing this September, major creditor Shinsei Bank led an auction for the property. Mitsubishi Estate Co. was reportedly among the bidders, as were pairings of East Japan Railway Co. and Mitsui Fudosan Co. and of Kenedix Inc and the Carlyle Group. SCJ emerged the winner and reached a tentative prurchase agreement Monday.