Tokyo Tatemono Co., a real estate developer, is seeking to sell a stake in a Tokyo office and hotel project that may be worth as much as $5 billion as it seeks to strengthen its finances and acquire new properties.
The Tokyo-based company may sell 15 percent to 16 percent of the project, Yoshitoshi Kagami, general manager of investor relations, said in a recent interview in Tokyo.
He declined to say how much it may get for the stake. The total development cost is likely to be about ¥300 billion, including the site's purchase price, he said.
Tokyo Tatemono began its biggest-ever project in November in the Otemachi commercial district near Tokyo Station, working with construction company Taisei Corp. to build the 38-story office and hotel complex.
Tokyo Tatemono currently owns an 83 percent stake in the project and Taisei holds the rest.
The development, slated for completion in April 2014, may be worth about ¥450 billion based on likely tenancy agreements, Kagami said. Tokyo Tatemono plans to maintain about a two-third stake in the project, he said.