"We believe Shin-Nihon Tatemono has a bright future, and thatits prospects will be enhanced in partnership with daVinciAdvisors," says Freeze, offering that the transaction "representsthe best way to proactively support Shin-Nihon Tatemono and todeliver the most value to all shareholders." Prospect Groupcontrols just over 50% of the equity shares of Shin-Nihon, aJasdaq-traded stock that attracted Freeze's attention in 2006,leading to a $90-million commitment.

Freeze expresses satisfaction with the performance, citing a147% gain in operating profits through September when compared tothe first nine months of 2006. However, he says, "after carefulreview and with the full support of the management of Shin-NihonTatemono, Prospect concluded it has largely completed thecontribution it can make at this stage of the company's growth,"and felt a new partner would help advance Shin-Nihon'splatform.

Under terms of the agreement, daVinci subsidiary Columbus KKwill pay 800 yen per share, or about $88 million. Besides thefinancial element, daVinci will exchange information and personnelwith Shin-Nihon, and will also consider acquisition of certaindevelopment projects that the company produces.