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Daily Insurance Industry News
Sunday 21st of October 2018
May 11, 2009

AIG sells prime real estate in Tokyo

by Richard Kilner

Story link: AIG sells prime real estate in Tokyo

American International Group, Inc. (AIG) has announced it is selling a prime real estate holding in Tokyo for $1.2bn, in a deal expected to close in the next quarter.

The buyer is the Nippon Life Insurance Company, and the land itself is approximately an acre currently occupied by the AIG Otemachi Building.

The property’s value is enhanced by its sought-after location in the downtown business district at Marunouchi 1 chome.

In addition to this the land being sold by AIG is adjacent to and looks over the inner moat around the Imperial Palace.

AIG chairman and CEO Edward Liddy has said that the prime nature of the land had led to a highly competitive bidding situation, adding that the firm was pleased with the sale.

The insurer has made a large number of asset sales recently, in order to repay the US taxpayer.

This latest sale comes shortly after AIG announced a set of difficult Q1 results, including a net loss of $4.35bn.

 

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