TOKYO—In June 2010, New York City-basedFortress Investment Group LLC closed its Fortress Japan OpportunityDomestic Fund at its cap of $800 million. Through year-end 2011,the fund had invested over 81.1 billion in commitments and recalledcapital, while generating over ¥46.1 billion of proceeds to thefund. The fund has invested primarily in real estate-related debtand other assets in Japan.
According to the firm, "The opportunity set remains robust."Thomas Pulley, co-chief investment officer of Fortress Japan, notesthat it continues to benefit from its partnership with Nomura RealEstate Asset Management Co. Fortress isn't the only one eyingJapan. Goldman Sachs Group is looking at office, retail and someresidential properties mainly in the Tokyo metropolitan area,according to reports. In July, according to Shigeki Kiritani, thepresident of Goldman Sachs Asset Management, Goldman secured threeTokyo properties for $313 million.
Kelly Miyashita, formerly VP of Kirkwood Capital Advisors inTokyo and currently a principal of his own firm in Los Angeles,tells Real Estate Forum that "resetting of pricing resulting fromthe 2008 global meltdown will definitely present non-institutionalinvestors with numerous opportunities."
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