TOKYO Feb 6 Japan's Panasonic Corp has
sold two of its office buildings in central Tokyo to raise
around $100 million as the company tries to improve its balance
sheet by selling non-core assets, sources with direct knowledge
of the transactions have told Reuters.
The sale is part of efforts by Panasonic to raise 130
billion yen from asset sales in a bid to underpin cash flow.
Rival Sony Corp is in the process of selling one of its
main buildings in central Tokyo in a deal that could raise up to
100 billion yen.
Panasonic sold a five-storey building in Tokyo's Minato ward
to Mitsubishi Estate Co and another eight-storey
property in the same neighbourhood to Nomura Real Estate
Holdings Inc, said the sources, who asked not to be
identified because the transactions are not public.
The Osaka-based Panasonic is also considering selling its
much larger office building in Tokyo's Shiodome district, which
houses about 2,000 workers and serves as its Tokyo headquarters,
sources have told Reuters.
These buildings have become available for sale at a time
investors are becoming more willing to buy properties in Tokyo
on expectations property prices will rise in the near future.
($1 = 93.3950 Japanese yen)
(Reporting by Junko Fujita and Reiji Murai; Editing by Jeremy