In accordance with its ongoing restructuring process globally, American International Group, Inc. (AIG) has completed the sale of prime real estate holding in the Otemachi District of Tokyo to Nippon Life Insurance Company. Nippon paid about $1.2 billion in cash for the entire building and the land on which it is located.
Edward Liddy, Chairman and CEO of AIG, said: “Despite a very challenging global real estate environment, AIG was able to realize an attractive price for this prized property. The sale of this asset represents another step forward in AIG’s asset disposition and restructuring efforts and should serve the best interests of AIG and its constituents.”
AIG is involved in the business of insurance and financial services, with operations spread across 130 nations and jurisdictions. AIG companies provide life and property-casualty insurance, financial services, retirement services and asset management services.