CLSA Capital acquires Japanese real estate services provider House Partner

CLSA Capital acquires Japanese real estate services provider House Partner
04/09/2018 , by , in INTERNATIONAL

Alternative investor CLSA Capital Partners, the asset management business of CLSA, has acquired House Partner Holdings Co., Ltd, a real estate services provider focusing primarily on apartment rental agency business in the Greater Tokyo area, according to an announcement. The transaction was carried out by Sunrise Capital III, CLSA Capital Partners’ fund that invests in established, mid-cap companies with strong growth potential in Japan.

The value of the transaction, however, was not disclosed. Established in 2002, House Partner is a full-service real estate services provider offering various real estate-related services in addition to its core business in apartment rental agency and apartment management.

The company also provides services such as real estate brokerage, apartment renovations, construction planning and real estate-related consulting. It currently manages a total of 22 stores including 11 located in Chiba prefecture, two in Saitama prefecture, prefectures adjacent to Tokyo, and nine in Tokyo. Following the acquisition, the President and CEO of House Partner, Mr. Hiroshi Ueno, along with his existing management team will continue to manage the business. Sunrise III, which was closed in May 2017 after being significantly oversubscribed, attracted investors from North America, Japan, Europe, the Middle East and Asia (ex-Japan). The fund’s predecessor Sunrise II is also currently investing.

CLSA Capital Partners, the asset management arm of CLSA, has more than $4 billion under management and offices across the region, including Hong Kong, Singapore and Tokyo. Recently, CLSA Capital Partners has agreed to acquire 100 per cent of the shares of Japanese salon operator Puzzle Co for an undisclosed amount.

In March this year, the CLSA Capital Partners conducted two acquisitions through its vehicle Sunrise III including 100 per cent stake of Japanese household appliances e-commerce business MOA Group for an undisclosed sum and a majority stake in pan-Japan beauty salon franchise of Agu Group for over $94.16 million.

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