TEPCO doubles their real estate sell-off to 200 billion Yen

Tepco’s Tokyo Headquarters in Hibiya, Chiyoda-ku

In order to raise funds to pay compensation for the Fukushima Daiichi Nuclear Power Plant disaster, Tepco are planning to sell approximately 200 billion Yen (2.6 billion USD) of their vast real estate holdings. One of their assets includes their company headquarters in Hibiya in central Tokyo which is expected to sell for 10 billion Yen (130 million USD).

The planned sell-off will include approximately 280 properties including company dormitories and company retreats.

Tepco initially announced in May that they would sell 100 billion Yen of assets. However, with the suspension of several nuclear power facilities, the company has switched to thermal power generation which is costing them a lot more in fuel expenses. With their compensation payments to displaced residents beginning in October, they urgently need to raise extra funds which has led them to double the planned sell-off of their real estate holdings.

Some of Tepco’s many company retreats and hotels include:

– A retreat in Atami City, Shizuoka
– Kamakura Manor
– A hotel in Nikko, Tochigi
– A retreat built within the pine forest surrounding the Kashiwazaki-Kariwa Nuclear Power Plant (due to its sensitive location this one will not be listed for sale)

Atami Retreat (left), Resort L Kinomiya in Atami (center), and the office of Tepco’s Labor Union near Hamamatsucho Station in Tokyo (right). The building on the right was formerly the Sonoko Bldg and was purchased by Tepco recently for 4 billion Yen (52 million USD) in cash.
Tepco-owned business hotels “Trest Inn Nihombashi” (left) and “Trest Inn Tamachi” (center). A company dormitory in Waseda, Shinjuku (right). Tepco owns many company housing properties in Setagaya, Shibuya, Bunkyo, Itabashi, Shinagawa, Chuo and so on.
Tepco’s company retreat near their Kashiwazaka-Kariwa Nuclear Plant in Niigata Prefecture

47 NEWS, September 16, 2011

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