Japanese National Railways Settlement Corp. announced Feb. 28 that its 5.3-hectare plot of land located on the east side of JR Shinagawa Station would be sold to 10 firms for 183.8 billion yen.

The plot, which once served as a maintenance and repair shop for bullet trains, is one of the largest and most valuable plots to be sold by the semigovernmental body through open bidding. The firm sold 5.3 hectares of land at the former Shiodome cargo terminal near JR Shimbashi Station to several companies for 372.3 billion yen in early February.

“By receiving a huge amount of revenues through sales of the plot in the Shinagawa area, we will be able to carry out our responsibility to help reduce the debts of the former JNR,” said Yasuo Nishimura, president of JNR Settlement Corp. The 10 companies who won the bid included Mitsubishi Corp., Mitsubishi Heavy Industries Ltd., Mitsubishi Motors Corp., Canon Sales Co. Inc., Taiyo Mutual Life Insurance, Total Housing Corp. and other real estate developers. Two of the three Mitsubishi group companies — Mitsubishi Heavy Industries and Mitsubishi Motors — plan to move their headquarters to the purchased area, according to the firms.

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