Feb. 14 (Bloomberg) -- Lone Star Funds, the world’s biggest buyer of delinquent mortgages, renewed efforts to sell an office and banquet hall complex in Tokyo by including land in the offer, according to two people familiar with the sale.
The Meguro Gajoen project’s bidding result will be released in early March, according to a document obtained from one of the people, who asked not to be named because the information is private. The added land has increased the Dallas-based buyout firm’s minimum asking price to 110 billion yen ($1.1 billion) in the first round, according to one of the people. The fund has previously attempted to sell the property three times, the people said.
David Nishida, representative director at Hudson Japan K.K., a unit of Lone Star, declined to comment on the sale.
Lone Star, which typically focuses on assets that have a real estate component, made its name buying distressed loan portfolios and lenders in Asia starting in the late 1990s, with investments ranging from golf courses in Japan to office towers in Seoul. The company has raised 12 private-equity funds with combined capital pledges of more than $45 billion since 1995.
--Editors: Tomoko Yamazaki, Lars Klemming