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Tepco to sell Ginza building to Yomiuri Shimbun group

Kyodo

Tokyo Electric Power Co. said Wednesday it will sell its Ginza building in Tokyo to the Yomiuri Shimbun newspaper group for about ¥23.56 billion.

With the sale, Tepco is expected to achieve its real estate sales target of ¥247.2 billion to help secure financial resources for compensation payments to parties affected by the triple-meltdown calamity at its Fukushima No. 1 nuclear power plant that started in March 2011.

Following competitive bidding launched in February, Tepco will sign an agreement for the sale Friday and hand over the property, including the six-story building with two basement floors, on Monday.

The utility will continue to use the building as a tenant until March 2016, when it will remove electric substation equipment from the basement and turn over the whole premises to the Yomiuri group.