FUKUOKA (Kyodo) Colony Capital LLC completed Wednesday its acquisition of Daiei Inc.’s baseball stadium and hotel businesses, two of Daiei’s three main operations in Fukuoka.
The U.S. investment fund completed all procedures to acquire the Fukuoka Dome baseball stadium and the adjacent Sea Hawk Hotel and Resort.
The acquisition follows a December agreement between the U.S. investment fund and Daiei.
Colony Capital will set up a new company to manage the Fukuoka businesses by investing about 14.5 billion yen.
Under the agreement, it also took over some 60 billion yen of Daiei’s 110 billion yen in interest-bearing debt in the Fukuoka operations.
Daiei will continue to own the Hawks professional baseball team.