SoftBank's Fortress to put $570 mln in Japanese rental firm Leoplace21 - Nikkei
30/09/2020 07:21
TOKYO, Sept 30 (Reuters) - U.S. investment fund Fortress
Investment Group will likely extend about 60 billion yen ($570
million) to cash-strapped apartment rental firm Leopalace21 Corp
8848.T to shore up its balance sheet, Nikkei daily reported,
citing sources familiar with the matter.
The investment by Japan's SoftBank Group-owned 9984.T
Fortress will include both cash and debt, the report said https://s.nikkei.com/3n3oN65
on Wednesday.
Leopalace21's liabilities exceeded assets by 11.8 billion
yen as of June, it said.
The company said in a statement that it is discussing the
reported matter in its board meeting on Wednesday.
Leopalace21 has been suffering stagnant apartment occupancy
rates stemming from its construction scandal as well as weaker
demand due to the coronavirus outbreak, the report added.
($1 = 105.4900 yen)
(Reporting by Junko Fujita; Editing by Rashmi Aich)
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