SoftBank's Fortress to put 60b yen in Japanese rental firm Leopalace21: Nikkei
[TOKYO] US investment fund Fortress Investment Group will likely extend about 60 billion yen (S$778.2 million) to cash-strapped apartment rental firm Leopalace21 to shore up its balance sheet, Nikkei daily reported, citing sources familiar with the matter.
The investment by Japan's SoftBank Group-owned Fortress will include both cash and debt, the report said on Wednesday.
Leopalace21's liabilities exceeded assets by 11.8 billion yen as of June, it said.
The company said in a statement that it is discussing the reported matter in its board meeting on Wednesday.
Leopalace21 has been suffering stagnant apartment occupancy rates stemming from its construction scandal as well as weaker demand due to the coronavirus outbreak, the report added.
REUTERS
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