MITSUI Fudosan Co, Japan's biggest real estate company, may buy a stake in Imperial Hotel Ltd, owner of the 117-year-old hotel, expanding in central Tokyo as commercial land prices advance for the first time since 1991.

Mitsui Fudosan didn't give details in an announcement yesterday through the Tokyo Stock Exchange, Bloomberg News reported.

The statement followed a report by the Nikkei newspaper that Mitsui Fudosan is in the final stages to buy 33 percent of Imperial from Cerberus Capital Management LP for 90 billion yen (US$782 million), or about 9,000 yen a share. That would be a 61 percent premium to Thursday's closing price.

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