Nippon Building (JP:8951) has released an update.
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Nippon Building Fund, Inc. has decided to sell the building portion of NBF Toranomon Bldg. for 860 million yen to Mitsui Fudosan Co., Ltd. while retaining the land, citing the building’s age and upcoming renovation needs as reasons for the sale. The transaction is expected to yield a modest profit of 1 million yen and is part of a strategic initiative to enhance unitholder value by leveraging the property’s prime location and land value.
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