Hedge Funds Pile Into Japan's $165 Billion Real Estate Trade [Yahoo! Finance Canada]
TOKYO GAS CO LTD UNSP/ADR (TKGSY)
NASDAQ:AMEX Investor Relations:
tokyo-gas.co.jp/ir/english/library/earn_e.html
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Source: Yahoo! Finance Canada
(Bloomberg) -- Global hedge funds and private equity firms are gravitating toward Japanese companies in a bid to unlock as much as ¥25 trillion ($165 billion) in undervalued real estate. Most Read from Bloomberg The hidden value of property on corporate balance sheets is showing up as a theme behind some of the biggest activist campaigns and mergers and acquisitions announced in Japan this year. In the latest move, Elliott Investment Management unveiled a 5.03% holding in Tokyo Gas Co., with a real estate portfolio that the US firm estimates is worth about ¥1.5 trillion — almost as much as the utility's entire market value, Bloomberg reported last week. The potential for unrealized gains stems from an accounting quirk when Japanese companies hold onto offices, hotels and country clubs for long periods. The value of the real estate is recorded at book value, which is the acquisition or development cost minus annual depreciation. But in recent years, Japan's property prices have
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