Daiwa House May Rescue Collapsed Japan Firm Urban

Japanese builder Daiwa House Industry Co. said it may bid for failed property developer Urban Corp as it seeks opportunities to buy real estate assets brought low by the financial crisis, Reuters reported yesterday. Daiwa, at the head of a consortium of companies that includes Chuo Mitsui Trust Holdings Inc., is currently in the lead to be chosen to take over Urban's assets and oversee its restructuring, a source familiar with the deal told Reuters. Urban filed for court protection from creditors on Aug 13 with 256 billion yen ($2.67 billion) in debt. The company has 100 properties across the country, including one located in front of Tokyo's Shinbashi station, a major business district and railway hub. The bidding is expected to take place on December 5, followed by Urban's filing of its rehabilitation plan on December 22 to the Tokyo district court. Read more.