Sale of Company Facilities
March 11 2003 - 4:26AM
UK Regulatory
RNS Number:5524I
Mitsubishi Corporation
11 March 2003
Translation of report filed with the Tokyo Stock Exchange on March 11, 2003
March 11, 2003
Notice Regarding Sale of Company-Owned Facilities
Mitsubishi Corporation today announced plans to sell the following real estate
holdings.
1. Reason for the Sale
Mitsubishi Corporation plans to sell 13 employee housing and vacation facilities
in Japan. By streamlining the balance sheet, these sales will help improve the
efficiency of business activities and increase the companyfs liquidity. It will
be accomplished either through direct sales or the sale of beneficial interest
certificates in trusts established to manage and dispose of these properties.
2. Details of Assets to Be Sold (million yen)
No. Description of Asset and Location Book Value Selling Present Status
Price
1 4,763 4,775 Presently used for
company housing
Address: 203-1 Imai Nishimachi,
Nakahara-ku, Kawasaki-shi, Kanagawa
Prefecture
Land area: 10,583.47 m2 (Public register)
Floor space: 21,436.73 m2 (Public register)
2 682 252 Presently used for
company housing
Address: 5-311-2 Kitakoiwa, Edogawa-ku,
Tokyo
Land area: 525.61 m2 (Public register)
Floor space: 1,053.30 m2 (Public register)
3 1,067 319 Presently used for
company housing
Address: 2-26-2,3 Chuo, Warabi-shi,
Saitama Prefecture
Land area: 760.28 m2 (Public register)
Floor space: 1,509.56 m2 (Public register)
4 2,476 1,454 Presently used for
company housing
Address: 28-1 Kamiyoshihara-cho,
Nishinomiya-shi, Hyogo Prefecture
Land area: 6,041.63 m2 (Public register)
Floor space: 9,180.72 m2 (Public register)
5 2,502 923 Presently used for
company housing
Address: 1-18-4 Shin-ike-cho, Chikusa-ku,
Nagoya-shi
Land area: 5,846.59 m2 (Public register)
Floor space: 4,536.55 m2 (Public register)
6 14 65 Previously used for
company housing, but now
Address: 2-537-1,2 Kitaando, Shizuoka-shi idle
Land area: 412.16 m2 (Public register)
Floor space: 226.06 m2 (Public register)
7 10 10 Presently used for
company housing
Address: 1-4-5 Kumoji, Naha-shi, Okinawa
Prefecture
Land area: 2,975.63 m2 (Public register)
Share of land owned: 18,419/2, 975, 630
Floor space: 81.32 m2 (Public register)
8 158 242 Used to house
Address: 1-222-1 Nigawa Takadai, employees living
Takarazuka-shi, Hyogo Prefecture away from home
Land area: 2,989.30 m2 (Public register)
Floor space: 1,619.57 m2 (Public register)
9 1,074 462 Used as a dormitory for
single employees
Address: 3-70-41 Yamada-nishi, Suita-shi, Osaka
Prefecture
Land area: 3,444 m2 (Public register)
Floor space: 3,632.46 m2 (Public register)
10 32 24 Used to house
Address: 2-106-1 Ushidawaseda, Higashiku, employees living
Hiroshima-shi away from home
Land area: 1,499.07 m2 (Contract)
Floor space: 679.38 m2 (Public register)
11 192 609 Used as a vacation
facility
Address: 1052-71, 189, 320, 369 Aza Nagakura Oukan
Minamihara, Oaza Karuizawa, Karuizawa-machi, Nagano
Prefecture
Land area: 9,823.39 m2 (Public register)
Floor space: 1,948.05 m2 (Public register)
12 119 153 Used as a vacation
facility
Address: 1318-5 Aza Shimo Mizubata, 416-2,3,5, Aza
Nozawa, Oaza Karuizawa, Karuizawa-machi,
Kitasaku-gun, Nagano Prefecture
Land area: 1,991.26 m2 (Public register)
Floor space: 451.54 m2 (Public register)
13 7,370 630 Used as a dormitory for
single employees
Address: 3 Kuramotocho, Nishi Mabashi, Matsudo-shi,
Chiba Prefecture
Land area: 1,792.83 m2 (Public register)
Floor space: 7,986.25 m2 (Public register)
3. Method of Sale and Buyers
-1- Assets Numbered 1-12
Method of sale: Mitsubishi Corporation will place the applicable assets in a
trust for the management and disposal of real estate that is managed by J.P.
Morgan Trust Bank Ltd. The trust beneficiary rights will then be sold to a
special purpose company established by an affiliate of the Morgan Stanley Group.
Trustee:
Company name J.P. Morgan Trust Bank Ltd.
Address Akasaka Park Building, 2-20, Akasaka 5-Chome, Minato-ku, Tokyo
President David Anderson
Capital 9,724,999 thousand yen (As of March 11, 2003)
Main business Trust banking
Transferee of beneficiary rights:
Company name Nakahara Holding (Special Purpose Company)
Address 56-15, Kameido 6-chome, Koutou-ku, Tokyo
President Takeshi Koyasu
Capital 100 thousand yen
Main business (1) Acceptance of specific assets under an asset liquidation scheme structured
in accordance with applicable laws, and management and disposal of same.
(2) All other work related to the previously mentioned liquidation of specific
assets.
-2- Asset Number 13
Method of sale:
Buyer:
Company name Best Life Inc.
Address Minami Building 6th Floor, 17-11, Dougenzaka 1-Chome, Shibuya-ku, Tokyo
President Yasuaki Tokugawa
Capital 110,000 thousand yen (As of March 11, 2003)
Main business Construction, planning, sale, operation and management of elderly care homes
4. Planned Timetable for Sale
Contract signing: End of March 2003
Transfer of ownership and possession: End of March 2003
5. Outlook - Effect on Earnings
Due to these transactions, Mitsubishi Corporation will recognize losses on sale
of approximately 10.5 billion yen and 4.6 billion yen on a non-consolidated
basis and consolidated basis (US GAAP), respectively. However, these losses have
already been factored into Mitsubishi Corporationfs forecasts of consolidated
earnings, which were announced on November 13, 2003.
Please note that Mitsubishi Corporation manages results on a consolidated basis
and therefore does not disclose projections for the parent company.
# # #
This information is provided by RNS
The company news service from the London Stock Exchange
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