Salient to Investors:

Thomas Pulley at Fortress Investment plans to buy real estate debt backed by rental apartments, retail space and business hotels in Japan’s metropolitan areas. Pulley says the deleveraging and asset-cleansing process has occurred more at the mid-size than the larger properties.  Pulley is underweight offices because the differential between rent in place relative to market rent is more severe.

Moddy’s estimates a record 700 billion yen of commercial buildings are to be sold over the next 2 years to repay debt.

Miki Shoji said the office vacancy rate rose to a record high in June in Tokyo’s five central wards, pushing rents to a record low.

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