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Photo of SoftBank logo Headquartered in Tokyo, SoftBank will be establishing a new fund platform.

TOKYO and NEW YORK CITY—In a surprise move, Tokyo-based SoftBank Group Corp. said Tuesday it would merge with Fortress Investment Group LLC, the alternative asset manager which has been among the most active in commercial real estate. Expected to close in the second half of this year, the deal calls for SoftBank to acquire Fortress for approximately $3.3 billion in cash.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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