February 6, 2025 – King Street Capital Management and Tor Investment Management today announced a $110 million financing solution for Soul of Japan (SOJ), a 10KT land-based Atlantic salmon farm project in Tsu City, Japan. SOJ is backed by 8F Asset Management.
The financing will support the ongoing construction of the SOJ farm and the ultimate completion of the project, which commenced in 2023 and is progressing, with the first harvest expected in mid-2027. King Street and Tor’s financing is underpinned by strong aquaculture market demand, particularly as wild fish stock levels continue to decline. Once the project is completed, SOJ will operate a state-of-the-art recirculating aquaculture system and be the largest land-based facility in Asia, effectively establishing a locally produced supply of Atlantic salmon for a market that has traditionally relied exclusively on imported product.
“We are excited to partner with both the Tor and SOJ teams to support the growing demand for sustainably sourced, high-quality Atlantic salmon to the Japanese market and beyond,” said Zachary Lewis, Managing Director at King Street. “This underscores King Street’s global ability to leverage deep sponsor relationships and sourcing channels to provide compelling risk-adjusted special situations financings in our Global Drawdown Strategy.”
“Tor is proud to collaborate with King Street and SOJ on funding for this significant project in Japan, which will continue the regional growth of critical infrastructure, developing the supply of sustainable protein with efficient use of resources,”said Sean Pepper, Managing Director at Tor. “This transaction demonstrates our ability to source and structure flexible private debt solutions for quality sponsors under our Tor Asia Credit Opportunity Fund platform with attractive returns and meaningful downside protection.”
“We are thrilled to partner with King Street and Tor to continue growing Soul of Japan and to complete the construction of its land-based salmon farm project in Japan,” said Karim Ghannam, Co-Founder and Chief Investment Officer at 8F. “This transaction is another validation of our strategy and its advanced implementation. We look forward to working with both King Street and Tor to supply Japan with locally produced Atlantic salmon and to further the expansion of Pure Salmon globally.”
The Aquaculturists
