Masayoshi Son, the founder of Japanese tech and telecoms giant SoftBank Corp and Japan’s second richest man, has won the bid for the iconic Tiffany Building in central Tokyo for a total of ¥32 billion (€241 million; $329 million) from owner Asia Pacific Land (APL), according to media reports.
Other bidders included sovereign wealth funds and Japanese corporations. However, Son came forward with an offer well above APL’s original asking price of ¥25 billion, and the real estate investment firm just this week accepted his offer. It is unclear exactly how Son financed his acquisition.
APL originally bought the landmark 10-story glass building in 2010 from a Goldman Sachs fund, which had acquired the property for ¥38 billion in 2007 at the height of the property boom. Media reports suggest that Son’s purchase will allow APL to repay loans on the property and return a profit on its initial investment.
During its tenure owning the building, APL worked especially toward leasing up the few vacant floors in the building, according to the firm’s website. APL has at least two other retail properties in Japan.
Based in Hong Kong, APL has $4.5 billion assets under management in China, Taiwan and Japan. The company started investing in Japan in 1997, and most recently participated in the $1 billion Shiba Park buyout in Tokyo.
APL declined to comment.