Bloomberg - June 28, 2007
Mitsubishi Fuso Truck & Bus Corp. sold the real estate of 180 of its sales and repair sites in Japan for about 150 billion yen ($1.22 billion) to Secured Capital Japan Co., taking advantage of the country's rising property prices.
Mitsubishi Fuso sold the majority of its real estate to a Secured Capital fund for about 150 billion yen, Nikkei English News reported today, without citing anyone. Takeshi Sugai, chief financial officer of Secured Capital Japan, said the amount reported by Nikkei was "about right."
Land prices in Japan rose for the first time in 16 years in 2006 amid the nation's longest economic expansion since World War II. Closely held Mitsubishi Fuso will pay rent to Secured Capital to continue to use the facilities, the report said.
Christopher Brandt, a Mitsubishi Fuso spokesman, confirmed the company sold the real estate of 180 units but wouldn't name the amount or buyer. Mitsubishi Fuso, controlled by DaimlerChrysler AG, owned slightly less than 200 sites across Japan before the sale, Nikkei said, without citing anyone.
Secured Capital Japan shares rose 3.7 percent to 279,000 yen at the 11 a.m. trading break in Tokyo. DaimlerChrysler shares haven't started trading today in Germany. They fell 1.4 percent to 66.01 euros yesterday.
Sphere: Related Content
Saturday, June 30, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment