IHI sold the property to the SPC for approximately 30 billion yen [$350 million] in order to balance-off its assets in March 2004. The company recently decided to buy the property back due to its projected profitability. With this transaction, the SPC will record a profit on the sale of roughly 19.7 billion yen [$230 million], while IHI will post a dividend of approximately 19.7 billion yen.
The property is an office building adjacent to the Toyosu subway station in the Tokyo Bay area. It has a land area of 28,881 m2 and 37 stories above ground and two below with 99,608 m2 of total floor space. It was completed in 1992.
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[Outline of Dealing]
Name: Toyosu Center Building
Seller: YK TCB Funding (SPC of IHI)
Price: approx. 40.8 billion yen [$480 million]
Rights: Trust beneficiary rights
Location: 3-3-3 Toyosu, Koto-ku, Tokyo (residence indication)
Access: adjacent to Toyosu subway station
Land area: 28,881m2
Total floor space: 99,608m2
Structure: SRC
Stories (above/underground): 37/2
Completion: 1992
Dealing period: March 2011 (handover)
