In June 2008, Morgan Stanley acquired 15% of the land and buildings of the facility, Yebisu Garden Place from YGP. The acquisition price at the time was 50 billion yen [$620 million]. The facility has a land area of approximately 62,600 m2 with aggregate gross floor area of 284,800 m2 for the total of 11 buildings that include an office tower, retail facilities and apartments. The 15% of ownership equals about 9,400 m2 of land and approximately 42,700 m2 of gross floor area.
Going forward, the companies will discuss the details on various contract conditions based on the expected acquisition price. They plan to sign the transfer agreement in late January 2012, and have the ownership handed over at the end of February 2012.
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[Outline of Dealing]
Name: Yebisu Garden Place
Buyer: Yebisu Garden Place
Seller: Tamachi Holding TMK (a fund of Morgan Stanley Capital)
Price: 40.5 billion yen (estimated) [$500 million]
Rights: Trust beneficiary rights
Location: 4-20-3 Ebisu, Shibuya-ku, Tokyo (building address)
Access: 5-minute walk using moving walkway from JR Ebisu station
Land area: 62,571.80m2 (total), 9,385.77m2 (transacted)
Gross floor area: 284,780.31m2 (the total of 11 buildings including a office tower), 42,717.05m2 (transacted)
Completion: 1994
Handover: February 2012 (planned)
[Related site]
- Announcement from Sapporo Holdings (PDF)
[Related article]
- MORGAN STANLEY GROUP to Acquire 15% of Yebisu Garden Place for 50 Bil. Yen
