Nomura Buys Yokohama Prince Hotel for Condo Conversion (NMR)

| About: Nomura Holdings, (NMR)

The Nikkei Shimbun reported Friday that Nomura Holdings Inc (NMR) won a bid to purchase the Yokohama Prince Hotel (located in Yokohama city) from Seibu Holdings. The deal seems to have been sealed yesterday based on a story by the Jiji Press, which said both parties publicly announced the deal but didn't provide a final sale price. It is believed Nomura's investment arm, Unified Partners, will pay between 15 and 20 billion yen (approx. US$129m and US$172m). Unified plans to quickly redevelop the hotel into a residential building (condo conversion) in order to take advantage of rising rents.

Take a look at Nomura's recent run up in which it has broken out past the $20 level. The Tokyo Stock Exchange was closed today in observance of Spring Equinox so there is no change in Nomura's underlying shares for those trading its ADRs.

NMR 1-yr chart: