Blackstone, Bain Advance in ¥1 Trillion Fuji Media Property Auction

1 articles · Updated · Bloomberg · Jun 25

Blackstone, Bain Capital, Seibu Holdings and Canada’s BGO have reached the second round to buy Sankei Building Co., Fuji Media Holdings’ real estate unit, in a sale expected to become Japan’s biggest property deal.
¥1 trillion bids—about $6.3 billion—are being discussed, with finalists now moving into due diligence to assess the value of the unit’s real estate assets.
Mid-September is the target for completing the second round, giving shortlisted bidders several months to refine offers in a private process.
Fuji Media’s disposal of Sankei Building would test appetite for large-scale Japanese real estate at a time when global buyout firms are competing for scarce marquee assets.