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AIG sells Tokyo HQ to Nippon Life

The embattled insurance group, AIG, has sold its central Tokyo headquarters for $1.2bn. The firm said the sale attracted ‘substantial interest’ from Japanese and overseas investors. The sale is part of the group's restructuring plans after the US government provided $180bn in support.

AIG has agreed to sell its Tokyo headquarters to Japanese insurance company Nippon Life for $1.2 billion, the firm said today.

American International Group said in a statement the sale had generated “substantial interest” from Japanese and foreign investors “resulting in a very competitive bidding process”.

The sale of the AIG Otemachi Building in Tokyo, located in the Marunouchi central business district, is just one of several steps the US insurance giant is taking in an effort to restructure.

Edward Liddy, AIG chairman and chief executive officer, said the deal was just one of “over a dozen” transactions the firm had closed in the past few months.

“We presently are in various stages of discussions with respect to other potential transactions, as we continue to move forward with our asset disposition and restructuring efforts,” he added. AIG is being advised by The Blackstone Group on its restructuring.

AIG placed the 15-storey Tokyo property, which is next to Japan’s Imperial Palace and overlooks the palace’s inner moat, on the market in February. Since September, the US government has stepped in with up to $180 billion in financial support for AIG.