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Japanese National Railway Settlements Corp. announced Tuesday that a 1.2-hectare plot of land in front of JR Tokyo Station will be sold to a team comprising Mitsubishi Estate Co. and Nippon Life Insurance Co.

The 300.8 billion yen price comes to 25 million yen per sq. meter, making the plot the most expensive land JNR Settlements Corp. has ever sold, according to a spokesman for the semi-governmental body.

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