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Matsushita sells facilities to ProLogis for $735mln

TOKYO
Mon Oct 1, 2007 8:38pm EDT

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Panasonic's Viera 1080p full high-definition TVs are displayed in Tokyo August 9, 2007. Panasonic maker Matsushita Electric Industrial Co. has sold 17 large distribution facilities in Japan to the local unit of real estate developer ProLogis for about 85 billion yen ($735 million). REUTERS/Yuriko Nakao

TOKYO (Reuters) - Panasonic maker Matsushita Electric Industrial Co. (6752.T) has sold 17 large distribution facilities in Japan to the local unit of real estate developer ProLogis (PLD.N) for about 85 billion yen ($735 million).

The Nikkei business daily reported earlier that Matsushita would invest the proceeds in core businesses such as plasma screen TV operations.

Matsushita spokesman Akira Kadota said the move was part of the electronics maker's efforts to reduce assets but said it was not decided how the proceeds would be used.


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