| From Bloomberg: Secured Capital Japan Co., backed by clients including the California Public Employees' Retirement System, is raising $1 billion to buy properties from distressed sellers as Japan's real-estate market weakens. Secured Capital, with 550 billion yen ($5.2 billion) of real-estate assets, has already raised half of the new fund, Chief Investment Officer John Paul Toppino said.
The company sees opportunities in the residential market, which is undervalued, Toppino said. Liabilities at bankrupt property companies in Japan more than doubled in August from July as banks curbed lending to the industry after bad debt losses rose, causing failures to soar. Toppino, who came to Tokyo a decade ago to compete with Morgan Stanley and Goldman Sachs Group Inc. for distressed real estate assets, said conditions now are similar to then..... Full Article: Source
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