Seibu Holdings sells Myoko Suginohara Ski Resort to PCG real estate fund
Bloomberg reported on November 7th that Seibu Holdings has announced the sale of Myoko Suginohara Ski Resort, located in Myoko City, Niigata Prefecture, to the real estate investment fund Patience Capital Group (PCG) earlier this month.
PCG to invest over 200 billion yen, enabling large-scale resort plans and integrated development in the surrounding area.
Seibu Holdings accelerated asset sales as part of its business restructuring, having sold properties like Naeba Ski Resort last year.
PCG is actively pursuing large-scale ski resort developments in the surrounding area, and this acquisition will enable integrated development plans.
Disclosure - Patience Realty is owned in part by Patience Capital Group along with Capital Brain.
According to Bloomberg, a spokesperson for Seibu Holdings confirmed the sale but did not disclose the sale price. As part of its business restructuring efforts, Seibu Holdings has been divesting assets such as leisure facilities and shifting towards a model where it entrusts facility operations to the buyers.
Myoko Suginohara Ski Resort will also have its operations managed by PCG.
Seibu Holdings’ Myoko Suginohara Ski Resort promotional video.
Last year, as part of this strategy, Seibu Holdings sold 26 out of a total of 76 facilities owned by its subsidiary, Prince Hotel, for 123.7 billion yen to the Singaporean government-backed investment fund, GIC. This included notable properties like Naeba Ski Resort and The Prince Park Tower Tokyo.
PCG, founded by Ken Chan, who previously served as the head of GIC Japan, plans to invest approximately 14 billion dollars (about 210 billion yen) in the coming years for the development of high-end ski resorts in the vicinity of Myoko Suginohara Ski Resort.
Ken Chan, Founder of Patience Capital Group courtesy of Bloomberg.
In the previous year, PCG also acquired the Ikenotaira Kogen Ski Resort, spanning Niigata and Nagano Prefectures.
While PCG's spokesperson acknowledged the acquisition of Myoko Suginohara Ski Resort, they refrained from providing further details at this time.
Bloomberg (Japanese version)