New City Residential announced the engagement of Nikko Citi as financial advisor for the rehabilitation proceedings this week. Nikko will manage proposals received and make judgment as to which proposal will best benefit unitholders and other stakeholders in the now de-listed J-REIT.
Any potential option, including merger, buyout, sale of assets, etc. is open for discussion and they will take the solution which appears best benefiting to stakeholders.
In the meantime, CBRE Residential Management (the REIT manager) will continue to operate the portfolio through the proceedings to ensure the value of the assets is not diminished.
Proposals must be made by January 7, 2009, so hurry and call Takakura-san if you want to get in on the game.