TOKYO -- U.S. investment fund Fortress Investment Group will invest around $539 million to turn around the fortunes of Leopalace21, a struggling Tokyo-based property developer reeling from revelations that thousands of apartment buildings it constructed do not comply with building standards.
With excess debt of 11.8 billion yen ($111.7 million) at the end of June, the company turned to investment funds with expertise in the real estate business to help turn around its business.
