Tokyo Electric Power Co. plans to sell its affiliated hospital to major real estate developer Tokyo Tatemono Co., according to informed sources.
Tokyo Denryoku Hospital will likely fetch a price of about ¥10 billion, the sources said. Only Tepco employees are eligible to use the facility in the Shinanomachi district of Shinjuku Ward.
The step will be part of asset sales included in Tepco’s special business reconstruction program. Tokyo Tatemono and Keio University Hospital have bid to buy the facility, which was believed to be worth more than ¥12 billion.
At the firm’s general shareholders’ meeting in 2012, then-Vice Tokyo Gov. Naoki Inose, who now serves as governor, harshly criticized Tepco because the hospital was not on the list of assets subject to sale. The Tokyo Metropolitan Government is a major shareholder of the utility.
Tokyo Denryoku Hospital, built in 1979, occupies a 5,600-sq.-meter site and has a total floor space of 16,100 sq. meters across nine levels.