Sumitomo Realty & Development, the Japanese developer facing pressure from Elliott Investment Management to boost its value, is seeking to sell a group of office properties in Tokyo for at least ¥100 billion ($700 million), according to people with knowledge of the matter.
The developer has earmarked 19 midsize office buildings for the divestment. It has asked real estate investment firms and agencies to estimate the value of the offices, which it is considering selling separately, the people said, asking not to be identified because the matter is private. It is also weighing the sale of eight rental apartment buildings in the city, they said.
Shares of Sumitomo Realty jumped as much as 6% and closed 2.4% higher at ¥5,838 in Tokyo on Thursday.
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