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This is to inform you of our decision to sell a portion of our co-ownership interest in Shibuya Sakura Stage (Shibuya Station Sakuragaoka Block Redevelopment Plan).
On February 8, we decided to sell a 49% co-ownership interest in the office portion of SHIBUYA TOWER. This sale is part of the Partner Co-Creation business policy set forth in the long-term management policy, from the perspective of expanding the assets involved and improving efficiency through the use of other parties' capital.
We plan to sell the property to a special purpose company in which a domestic institutional investor fund and Tokyu Land Corporation will make a silent partnership investment.
Tokyu Land Capital Management Corporation, a consolidated subsidiary of Tokyu Corporation, will be entrusted with asset management services by the special purpose company.
This sale is a part of Shibuya Sakura Stage SHIBUYA Tower, and Tokyu Land Corporation will continue to own the portion of the property other than the portion subject to this sale. Tokyu Land Corporation will continue to operate the property, including the portion subject to the sale.
The Company plans to record gains on the sale in the fiscal years ending March 31, 2025 and March 31, 2026.
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