Seibu Sells Akasaka Complex to U.S. Fund for 400 Billion Yen

TOKYO, Dec 13 (News On Japan) - Seibu Holdings announced plans to sell the mixed-use building on the site of the former Akasaka Prince Hotel, affectionately known as 'Aka-Puri,' to a U.S. investment fund for approximately 400 billion yen ($2.62 billion).

The building, "Tokyo Garden Terrace Kioicho," located on the former "Aka-Puri" site, houses commercial facilities, a hotel, offices, and residential units.

Seibu Holdings will transfer the property to Blackstone, a U.S. investment fund, at the end of February next year for about 400 billion yen. Despite the sale, a Seibu subsidiary will continue operating the hotel. The company plans to allocate the estimated 260 billion yen in profits from the sale toward redeveloping its existing real estate assets.

In its long-term strategy revealed in May, Seibu outlined its goal of enhancing the value of its real estate holdings for sale and reinvesting the proceeds into new developments as part of a "revolving" business model.

Source: ANN

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