Nippon Paper transfers sectional ownership, leasehold interest of its Shin-Yurakucho Building for 5.09B yen to Mitsubishi Estate

Kendall Sinclair

Kendall Sinclair

Mar 29, 2012 – Nippon Paper

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. 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

(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



3. Overview of the Transferee

(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.



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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