Reuters: Bankruptcy News: TPG, Savills to invest in failed Japanese apartment developer

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TPG, Savills to invest in failed Japanese apartment developer May 22nd 2012, 09:54 TOKYO | Tue May 22, 2012 5:54am EDT TOKYO May 22 (Reuters) - Private equity firm TPG Capital , seeking to invest in distressed Japanese assets, agreed to jointly buy bankrupt apartment developer Joint Corp with property consultancy Savills. The value of the investment was not disclosed in the statement by Joint, which is still under a court-led rehabilitation process. Joint filed for bankruptcy protection in 2009 with 147.6 billion yen ($1.9 billion) of debt, in one of several failures of real estate developers following the global financial crisis. Reno Inc, a Japanese investment firm, was picked to help rehabilitate Joint's business that year. TPG, which opened an office in Japan in 2006, was willing to invest about $1 billion in Olympus Corp in a joint deal with one of the corporate suitors of the scandal-hit maker of cameras and medical devices, according to a source. Other sources told Reuters that TPG had tied up with China's Hony Capital to try to buy failed Japanese chipmaker Elpida Memory.

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