Panasonic to sell Shiodome building

Kyodo

Panasonic Corp. agreed Tuesday to sell its Tokyo Shiodome building to Nippon Building Fund Management Ltd. and Sumitomo Mitsui Finance & Leasing Co. for around ¥50 billion, Nippon Building said.

Osaka-based Panasonic will lease the building as its Tokyo base for 10 years after the sale next Tuesday, while the buyers will receive rent and other benefits.

The sale is part of the major consumer electronics maker’s effort to unload assets in order to raise funds and improve its financial base after its recent sluggish performance. It has already sold two Panasonic buildings in Tokyo’s Minato Ward.