Lone Star Makes All-Cash Offer For All Of Astro Japan Property Group’s Real Estate Assets
NEW YORK and TOKYO and SYDNEY, March 6, 2017 /PRNewswire/ — Lone Star Funds, the global private equity firm, today issued the following statement:
“An affiliate of Lone Star Real Estate Fund V announces that it has extended an all-cash offer to the Board of Directors of Astro Japan Property Group (ASX: AJA-AU) (“Astro”) for all of the company’s Japanese real estate assets at Astro’s December 31, 2016 book value.1 The proposal is conditional upon confirmatory due diligence, which Lone Star is ready to commence immediately, an agreement between Astro and Spring Investment Co., Ltd. (“Spring”) to terminate Spring’s external management agreement, as well as customary market documentation and final approval conditions.”
1 (JPY 83,667,274,000, after taking into account the sale of Round One Amagasaki post year end)
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Lone Star Funds was founded in 1995, and invests on the behalf of its fund limited partners, who include pension funds for public sector and corporate employees and retirees, as well as foundations and endowments that support medical research, higher education and other philanthropic causes.
Since the establishment of the first fund in 1995, Lone Star has organized 17 funds with aggregate capital commitments exceeding USD $70 billion. Lone Star has vast transactional experience, having closed approximately 470 investments in more than 1,400 transactions at an aggregate purchase price of more than USD $180 billion (including acquisition financing and co-investors).
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