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Accordia Golf Company, the largest golf-course owner/operator in Japan, plans to move the majority of its golf properties into a publicly traded investment fund.
The Tokyo-based firm has agreed to sell 90 of its 133 golf properties to Singapore-based Daiwa Securities Group, reportedly for ¥111.7 billion ($1.08 billion). If the price is correct, Accordia’s courses are being valued at roughly $12 million each.
The nation’s golf clubs “are expected to see a gradual decline in players as the country deals with an aging population,” notes Japan Property Central, which believes that Accordia is “attempting to reduce its exposure by selling off its assets.”
Daiwa plans to list the fund on the Singapore Exchange later this year.