Nippon Paper transfers sectional ownership, leasehold interest of its Shin-Yurakucho Building for 5.09B yen to Mitsubishi Estate
Kendall Sinclair
TOKYO
,
March 26, 2012
(press release)
–
Nippon Paper Group, Inc. (“the Company”) announces that its consolidated subsidiary Nippon Paper Industries Co., Ltd. has resolved to transfer fixed assets. Details are as follows:
(1) Location 12-1, Yurakucho 1-chome, Chiyoda-ku, Tokyo (2) Profile Sectional ownership and leasehold interest in the area equivalent to 4.86% of Shin-Yurakucho Building (3) Book value (Building, etc.) 462 million yen, (leasehold interest) 352 million yen (4) Transfer price 5,090 million yen (1) Name Mitsubishi Estate Co., Ltd. (2) Representative Hirotaka Sugiyama, President & Representative Director (3) Head Office 6-1, Otemachi 1-chome, Chiyoda-ku, Tokyo (4) Relationship with the Company The Company has no capital and personnel relationships with the transferee.
1. Reason for the Transfer
Nippon Paper Industries will transfer fixed assets to improve the efficiency of its assets.
2. Details of Assets to be Transferred
3. Overview of the Transferee
4. Schedule of the Transfer
March 26, 2012: Resolution at a meeting of the Company’s Board of Directors
March 27, 2012: Conclusion of the agreement and the delivery of the property
5. Impact on Projection of Consolidated Financial Results
Gain on sales of fixed assets of 4,276 million yen associated with the transfer of the fixed assets is expected to be posted as an extraordinary gain in the fourth quarter of the fiscal year ending March 31, 2012 and has already been incorporated into the projected consolidated financial results for the full fiscal year ending March 2012.
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