Mitsubishi Estate Announces
Subsidiary Dissolution and Fixed Property Transfer
Mitsubishi Estate Co., Ltd. announced today the decision
of its board of directors to dissolve Hokuriku Estate
Co., Ltd., a wholly-owned subsidiary company in charge
of managing the Kanazawa Park Building, and to transfer
the company’s stake in that property to Japan Real
Estate Investment Corporation.
In accordance with this decision, Mitsubishi Estate will
post extraordinary losses of 4.1 billion yen for the affiliate
company's restructuring charges and 4.0 billion yen for the
sales of the property on its non-consolidated financial results
for the period ending in March 2002.
In addition, on a consolidated basis, charges resulting
as a consequence of the dissolution of Hokuriku Estate will
be largely cancelled out, resulting in an extraordinary loss
of 4.3 billion yen. Please see the accompanying document for
details.
