nomura-real-estate-plans-667-million-share-sale

Nomura Real Estate plans $667 million share sale

The Japanese real estate sector welcomes a rare deal amid the gloom.

Nomura Real Estate NRE announced Monday evening that it will raise 64.1 billion $667 million from the sale of new shares in Japan, partly to pay off debt incurred in connection with its $752 million acquisition of 65% of Toshiba Building in July 2008, and partly to deploy capital on growth opportunities. The amount reflects the issuance of 36 million new shares to public investors and another 5.4 million shares to be taken up by Nomura Securities.

The Japanese real estate market has been plagued by refinancing concerns, as falling asset prices undermine the value of collateral and put borrowers in a difficult position, and this is only the second capital-raising deal in the Japanese...

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