Wednesday, December 03, 2008

Renown Agrees to $89.3 Million Sale Leaseback of Two Properties in Japan

Trading - December 1, 2008

Japan's Renown Inc. (TSE:3606) said Friday that it will sell its headquarters building in Tokyo and an office building in Osaka for a total of 8.5 billion yen (US$89.3 million). The apparel company, which is undergoing rehabilitation, plans to use the proceeds to reduce interest-bearing debt and renovate stores.

Renown will sell the Tokyo property to building-leasing firm TOC CO. (8841) for 6 billion yen and the Osaka property to condominium builder Haseko Corp. (TSE:1808) for 2.5 billion yen.

It will sign lease contracts with the buyers and continue using the buildings. Sphere: Related Content

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