TEPCO sells Ginza building for 23.4 billion Yen

The Tokyo Electric Power Company (TEPCO) have sold a building and land in Ginza 3 Chome to the Yomiuri Shimbun newspaper company for 23.455 billion Yen (240 million USD).

Yomiuri will acquire the 1152 sqm (12,400 sqft) block of land on September 2. They will purchase the building separately in March 2016 for 100 million Yen. The reason for the delay is due to the time required to remove a transformer substation located in the building’s basement. In the meantime, TEPCO will pay rent to Yomiuri and continue to use the building.

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Town in Fukushima demands 19.2 billion Yen in compensation for lost real estate

The town of Futaba, which fell within the exclusion zone around the Fukushima nuclear plant, is demanding 19.2 billion Yen (234 million USD) in compensation from TEPCO for the loss of use of the town’s real estate.

The town is claiming damages for loss of use to town-owned land, government buildings and schools. There are a total of 51 unusable buildings that were mentioned in the claim. A representative from TEPCO said this was the first time they received a real estate related claim from a town or city.

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Tepco to sell off 70 ~ 80% of their real estate assets

Tepco’s building for sale in Minato-ku

As Tepco’s financial situation worsens rapidly, they are being forced to sell off more real estate in order to pay for the growing compensation to victims of the nuclear power plant disaster.

In September 2011, Tepco began selling off some of their large real estate holdings. The real estate included company dormitories and retreats. So far, Tepco has sold 40 properties for a total value of 6 billion Yen (75 million USD).

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Six hotels demand compensation from TEPCO

Six hotels in Akita Prefecture are seeking a total of 12.8 million Yen (166,000 USD) in compensation from TEPCO. The hotels claim that the nuclear power plant disaster has led to cancellations from foreign visitors, which has reduced their operating revenue.

The hotels are part of the Akita Prefecture Ryokan Association. The Association submitted the claim for compensation to TEPCO on their behalf. The claim by each hotel ranges from 120,000 to 5,200,000 Yen.

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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.

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Tepco to sell apartment building in Nagoya

As part of their restructuring in order to pay compensation to victims of the Fukushima Daiichi Nuclear disaster, Tepco will be selling an apartment building they own in Nagoya City.

“Solcher Tsurumai” is a 14-storey, 2 basement apartment complex that was built in 1999. It has a total floor area of 22,000 sqm and is on a 3500 sqm site. There is a supermarket on the 1st floor and residential units from the 2nd floor and above. Tepco purchased the building in 2001 through their subsidiary, Toden Real Estate.

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Real estate companies seeking compensation from TEPCO

Representatives submitting the demand for compensation to the head of Tepco’s Ibaraki Office.

Approximately 2000 real estate agents from Ibaraki Prefecture are seeking compensation from Tepco for loss of revenue caused by the various news reports and rumors surrounding radiation levels from the Fukushima Daiichi Nuclear Power Plant in the neighboring prefecture.

On September 13th, the industry group submitted an official letter demanding restitution to Tepco’s Ibaraki Office, in what is believed to be Tepco’s first case where a real estate group has demanded compensation.

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TEPCO doubles their real estate sell-off to 200 billion Yen

Tepco’s Tokyo Headquarters in Hibiya, Chiyoda-ku

In order to raise funds to pay compensation for the Fukushima Daiichi Nuclear Power Plant disaster, Tepco are planning to sell approximately 200 billion Yen (2.6 billion USD) of their vast real estate holdings. One of their assets includes their company headquarters in Hibiya in central Tokyo which is expected to sell for 10 billion Yen (130 million USD).

The planned sell-off will include approximately 280 properties including company dormitories and company retreats.

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