Japanese game developer Sega Sammy Holdings has agreed to buy a resort complex in southern Japan from RHJ International for 5.8 billion yen ($72 million), reports reuters. RHJ International, the holding compay for US buyout fund Ripplewood Holdings, bought the bankrupt Seagaia resort in Miyazaki prefecture in 2001.
Reuters – Japanese game developer Sega Sammy Holdings Inc said it has agreed to buy a resort complex in southern Japan from RHJ International for 5.8 billion yen ($72 million)with the aim of developing multifunctional resort facilities.
RHJ International, the holding compay for U.S. buyout fund Ripplewood Holdings, bought the bankrupt Seagaia resort, a complex of golf courses, restaurants and hotels, in Miyazaki prefecture in 2001 as part of a shopping spree in Japan, where distressed assets were available after an asset bubble popped.
Seagaia is operated by Phoenix Resort KK.
RHJ International has joined other foreign investors such as U.S private equity firm Lone Star and Goldman Sachs in offloading assets in Japan, where economic growth remains slow.
In October, Lone Star sold its entire stake in PGM Holdings , one of Japan’s largest golf course operators, to Japanese “pachinko” pinball machine maker Heiwa Corp.
RHJ International also agreed in December to sell Asahi Tec , a maker of iron castings used in cars, to Japanese buyout firm Unison Capital.
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