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PC party leader attends the protest in support of fishermen | SaltWire #newsupdate #newfoundlandTOKYO - Japan's Seibu Holdings is considering selling a high-end office building in central Tokyo for at least $2 billion, people familiar with the matter said, in what would be one of the country's biggest property deals on record.
The sale of Tokyo Garden Terrace Kioicho could be worth at least 300 billion yen , two of the sources said. The complex was launched in 2016 in a $690 million development project at the site of the former Grand Prince Hotel Akasaka, which Seibu also owned. The timeline for the potential sale is not clear. The talks are still in early stages and the company could decide to keep the building, the sources said.Selling the building would give Seibu funds needed to finance high-yielding redevelopment projects planned in central Tokyo in coming years, including Takanawa and Shinagawa, one of the sources said.
Required yields on prime commercial properties in Tokyo central business districts are as low as 3%, falling short of what is generally expected as cost of capital for listed companies.