AIG Completes Sale Of Tokyo Real Estate Asset To Nippon Life Insurance Company
By admin - Posted on May 29th, 2009
Tagged: AIG
• American International Group
• Asia
• Business
• Insurance
• Japan
• Real estate
• World
NEW YORK -- May 28, 2009 -- American International Group, Inc. (AIG) announced today that it has completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company.
Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2 billion in cash (¥115,500mm) for the entire building and the approximately one acre of land on which it is situated.
“We are pleased to complete the sale in less than 30 days after reaching an agreement on this transaction,” said Edward Liddy, AIG’s Chairman and Chief Executive Officer. “Despite a very challenging global real estate environment, AIG was able to realize an attractive price for this prized property. The sale of this asset represents another step forward in AIG’s asset disposition and restructuring efforts and should serve the best interests of AIG and its constituents.”
Source: American International Group, Inc.
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