citi-japan-sells-head-office-to-morgan-stanley

Citi Japan sells head office to Morgan Stanley

The sale and lease-back deal will increase balance sheet efficiency and mitigate property risk, says Citi.
Foreign banks keen to raise cash could increasingly turn to Japan, say analysts, thanks to its liquidity. While the commercial real estate markets in the UK and the US are frozen, Japan has become one of the few major markets where deals can take place, notes Yoji Otani, a real estate analyst at Credit Suisse in Tokyo.

ThatÆs the logic which has pushed Citi Japan to offload its Citibank Centre head office the land and the building to Morgan Stanley. Details of the transaction were not disclosed by either party, but according to the Nikkei Business Daily, the acquisition price was $445 million. Neither side would comment - but the cash will be welcome...
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