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Oaktree completes tender offer for Japanese REIT

Oaktree will be pursuing similar opportunities in Asia, with declining stock markets offering chances to acquire undervalued real estate.

Oaktree Capital Management has completed its tender offer for 10.79 percent of the issued investment units of Japanese property company Re-Plus Residential Investment.

When combined with the share Oaktree already amassed in the company via subsidiary AppleRingo and other allotments, it takes the firm's stake to 48.4 percent.

Re-Plus has assets of over JPY100 billion ($1 billion; €819 million) invested in residential properties throughout Japan. It is the first tender offer for investmebnt unit in a REIT in Japan.

In October, New City Residence Investment Corp became the first REIT in Japan to succumb to the financial crisis. Failing to repay its debts, it filed for bankruptcy protection with liabilities of about JPY 112.4 billion and will be delisted this month.

Oaktree is pursuing similar opportunities in Asia, according to various reported statements.