Morrison Foerster advised PAG, a leading Asia-based alternative investment firm, on a definitive agreement between funds managed by PAG and KKR, a leading global investment firm, and Sapporo Holdings Limited (“Sapporo Holdings”) to acquire 100% of the shares of Sapporo Real Estate Co., Ltd. (“Sapporo Real Estate”) from Sapporo Holdings. 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, 2026.
Sapporo Real Estate owns, operates, and develops a diverse portfolio of commercial, office, hotel, and residential assets primarily located in Ebisu and Sapporo, including Yebisu Garden Place.
The MoFo team advising PAG was led by Tokyo mergers + acquisitions partners Naoya Shiota and Dale Caldwell and real estate partner Masahiro Shiga, with associates Yui Hirohashi, Karin Ito, and Ning Ning.
