Fortress Investment Group LLC is set to acquire approximately 1,300 public apartment buildings totaling 46,405 units in Japan for ¥24 billion, Reuters reported, citing people with knowledge of the matter.
According to the report, the U.S. buyout firm agreed to buy the portfolio in a government auction that was part of a sale of such buildings constructed mostly in the 1960s and 1970s, and owned by a health ministry organization.
Most of the apartments sold are in small cities in the east, and roughly 70% of the total units in the portfolio are unoccupied, the report added.
The same organization reportedly sold approximately 1,600 apartment buildings in western Japan to Fortress in 2016 for ¥36.6 billion.
As of Aug. 7, US$1 was equivalent to ¥110.84.