Tepco finds buyer for Suginami sports ground

Suginami-ku announced plans to purchase a 4.3 hectare sports ground in Shimotakaido 2 Chome from troubled Tepco. The Tokyo ward has included the 6 billion Yen acquisition cost in their 2012 budget.

The sports ground includes tennis courts, a baseball field and a running track. Tepco had previously leased the grounds to the ward for local residents to use.

The purchase is scheduled for July, 2012. After the purchase, the ward will conduct an investigation into potential uses for the site, and will also listen to requests by local residents. It is likely that at least part of the site will be converted into a public park.

The property was initially estimated to have a staggering value of 20 billion Yen (260 million USD), which was based on residential land values of the surrounding neighborhood. If the rest of the properties that they plan to sell have also been similarly over-valued, Tepco is going to have great difficulty in raising the amount of funds they initially projected.

The funds from the sale will go towards compensation payments that Tepco will be making to those affected by the Fukushima nuclear disaster.

 

Sources:
Sankei Digital, June 16, 2011.
The Sankei Shimbun, January 31, 2012.

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