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Nomura sells stake in resort manager

In response to a proposed tender offer, the private equity arm of Japan’s Nomura Holdings is selling part of its stake in Resort Solutions, a property manager previously known as Misawa Resort.

Nomura Principal Finance (NPF), the private equity arm of Japanese financial services group Nomura Holdings, is selling 4 million shares, or 58 percent, of its existing 12.17 percent stake in property management firm Resort Solution to Mitsui Fudosan, a property developer in Japan.

After the sale, Nomura will retain a 5.1 percent stake in the business. Settlement of the deal is due on June 21.

Established in 1931, Resort Solutions, formerly known as Misawa Solutions, manages resort facilities, golf courses, hotels and other similar facilities, and also an agent for corporate fringe benefit projects and markets resort memberships. The company entered into a capital tie-up with Mitsui Fudosan in March 2005, and changed its name in November.

In a separate transaction, NPF has agreed to sell its entire stake in Fuji Car to the management and employees of the company it helped restructure, according to a statement. Fuji Car filed for court protection from creditors in February 2001. In March 2002, NPF became the company’s top shareholder following capital readjustment.

Fuji Car is in a number of environment-related businesses including the production and maintenance of waste processing facilities, scrap processing machinery, waste collection vehicles and machinery for the storage and transportation of LPG and other high pressure gases, according to the statement. The business was established in 1925 and is headquartered in Osaka. Nomura didn’t disclose the return on its investments.