KKR, PAG Buying Sapporo Real Estate from Sapporo Holdings

Funds managed by KKR and Asian alternative investment firm PAG have agreed to acquire Sapporo Real Estate Co., Ltd. (SRE) from Sapporo Holdings Limited, with New York-based KKR investing primarily through its Asia real estate strategy. Terms were not disclosed.

The acquisition will close in stages over three years, with the acquisition of the first tranche, representing a 51% stake, expected to close on June 1. The plan is to facilitate a smooth handover across all locations, including Ebisu, Tokyo and Sapporo, Hokkaido.

Sapporo Holdings currently operates three verticals: alcoholic beverages, food and soft drinks, and real estate, with the latter sector emerging as a result of its redeveloping its former brewery sites in Ebisu
and Sapporo. The company seeks to focus on the alcoholic beverage business.

Under Sapporo Holdings, SRE owns, operates and develops a diverse portfolio of commercial, office, hotel and residential assets primarily located in Ebisu and Sapporo. Under the ownership of PAG and KKR, SRE will pursue the sustainable enhancement of its real estate and corporate value over the medium to long term.

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