American International Group announced that it has completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company.
AIG said that “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.”
Outgoing Chairman and CEO Edward Liddy commented: “We are pleased to complete the sale in less than 30 days after reaching an agreement on this transaction. 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 – www.aig.com
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