OSAKA -- Matsushita Investment & Development Inc., a real estate developer in the Matsushita group, plans to securitize its twin towers in Osaka and other properties and sell them to investors for some 60 billion yen, company sources said.
The twin towers are the symbol of the Matsushita group firms.
The move is part of the company's restructuring efforts spearheaded by its president, Toru Doi.
Doi, who previously worked at Matsushita Communication Industrial Co., assumed the presidency in June.
The Osaka-based firm plans to securitize the 38-floor Twin 21 towers, as well as a building in Tokyo's Minato Ward and other real estate holdings, the sources said Tuesday.
The Tokyo building serves as the business base for Matsushita group firms.
The company will entrust the securitization of the twin buildings to Sumitomo Trust & Banking Co. and will generate proceeds by transferring beneficiary rights to the trust to a special-purpose company, according to the sources.
The special-purpose company will sell small-lot securities to investors, while paying interest using proceeds from tenant fees.
About 100 companies that are located in the twin towers are expected to stay as tenants after securitization.
In the year through March 31, Matsushita Investment & Development posted some 30 billion yen in losses due to losses suffered from the consolidation of subsidiaries, appraisal losses on its shareholdings, and a slump in real estate sales.