L.A. Firm in Japan Condo Venture
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TOKYO — CB Richard Ellis Investors will build and sell condominiums in Japan in a joint venture with Dia Kensetsu Co., Japan’s second-largest condominium builder, a spokesman for Dia Kensetsu confirmed.
CB Richard Ellis Investors is a unit of Los Angeles-based CB Richard Ellis Services Inc.
Dia Kensetsu had been seeking a business partner that can provide capital after its creditor bank, Nippon Credit Bank Ltd., was placed under government control last year.
The joint venture will handle all stages of developing new condominium projects, from land acquisition to sales, the company spokesman said.
The two companies also are considering selling securitized real estate assets and providing investment consultation, he said.
Dia Kensetsu last month said it expects to report a pretax profit from operations of $13.5 million for the year ended March 31.
Shares of CB Richard Ellis Services rose 75 cents to close at $19.88 on the New York Stock Exchange.
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