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Mitsubishi Estate to sell 3 Tokyo properties for ¥35.86B

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Mitsubishi Estate to sell 3 Tokyo properties for ¥35.86B

Mitsubishi Estate Co. Ltd. is selling three properties in Tokyo to Japan Real Estate Investment Corp. for ¥35.86 billion.

They comprise Shinjuku Front Tower and Shinjuku Eastside Square, for ¥10.10 billion and ¥8.46 billion, respectively, and Link Square Shinjuku for ¥17.30 billion. The first two are in the Shinjuku-ku district while the third is in Shibuya-ku, Japan Real Estate Investment said March 25.

Shinjuku Front Tower has a land and building area of 9,628.17 square meters and 92,092.30 square meters, respectively, while the land and building area for Shinjuku Eastside Square are 25,320.28 square meters and 167,245.46 square meters. Link Square Shinjuku has a land and building area of 3,852.34 square meters and 42,049.96 square meters.

The deals for Shinjuku Front Tower and Shinjuku Eastside Square are expected to close March 27, with the one for Link Square Shinjuku set to close April 20.

Meanwhile, Mitsubishi Estate said in a separate same-day filing that it has completed a yearlong share buyback program after repurchasing 49,700,400 shares for nearly ¥100 billion yen. This included the repurchase of 5,573,900 shares for ¥9.06 billion between March 1 and March 24.

As of March 25, US$1 was equivalent to ¥111.57.

McDowell Ramintas contributed to this report.