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.
Property
US fund injects $539m in embattled Japanese builder Leopalace21
Fortress gets shares and reservation rights in future issuance
Leopalace21 is reeling from revelations that thousands of apartment buildings it constructed are not in compliance with building standards. (Photo by Toshiki Sasazu)
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