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Thursday, January 6, 2011

Goldman to sell $446 mln stake in Accordia Golf, (NYSE: GS)

Goldman Sachs (GS.N) will sell its $446 million stake in Accordia Golf (2131.T), exiting from its investment in the Japanese golf course operator that it took public in 2006. Accordia said in a statement on Thursday that Goldman would sell to the public its 44.7 percent stake, which would be worth 37 billion yen ($446 million) at the current market price. Goldman bought string of golf courses in Japan following the burst of the country's economic bubble in the early 1990s, when many golf courses went bust after real estate prices collapsed.