U.S.-based private equity firm Cerberus Capital Management LP has sold a 1,900-square-meter land parcel in Tokyo to Japanese general contractor Shimizu Corp, riding on the property market boom in Japan due to Abenomics.
Cerberus sold the block of land in Tokyo's exclusive Aoyama shopping district for $127 million, Reuters reports.
The land was owned by Cerberus' fully owned property developer Showa Jisho Co. The land is currently being used as a parking lot, and is located in the area that includes global luxury brands such as LVMH, Bulgari and Celine.
The U.S firm is working on cashing out of its Japanese assets the company bought more than ten years ago. Earlier this month, Cerberus sold its take in a property operator Kokusai Kogyo Co for approximately 140 billion yen to the operator's founding family, the newswire service reports.