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Goldman Sachs- Japan Accordia Golf to buy more golf courses in Japan
By Thomas Frommherz for CEOWORLD Magazine Updated:October 19, 2009
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Accordia Golf Co. (TYO:2131) , in which Goldman Sachs Group Inc. (NYSE:GS) is the biggest shareholder, increased its credit lines to 16.5 billion yen ($182 million) to help buy golf courses in Japan, said two people familiar with the matter.
Tokyo-based Accordia, Japan’s largest golf course operator, added 4 billion yen to its credit facilities from three local banks, the people said, asking not to be named as the agreements are private.
Accordia, 45 percent-owned by Goldman Sachs, is seeking bargains after Japan’s deepest postwar economic contraction triggered about 30,000 bankruptcies since the recession began in November 2007, cutting asset prices.
“It’s positive news,” said Fumiyuki Nakanishi, a strategist at Tokyo-based SMBC Friend Securities Co. “Japan’s golf industry remains weak despite enthusiasm in young star golfer Ryo Ishikawa.”
Golf course operators need to sell goods at clubhouses to boost revenue, he said. “Therefore scale merit is their only strategy, so finance for acquisitions is good news.”
The company’s shares closed 3.5 percent higher at 85,200 yen in Tokyo after jumping as much as much as 5.1 percent earlier today, Bloomberg reported.
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