Nissan Motor Co. said Tuesday it will sell most of the site of a former auto plant in western Tokyo to a Buddhist organization for 73.9 billion yen.
According to the agreement, Shinnyoen will buy about 1.057 million sq. meters of the 1.4 million-sq.-meter site of the former Murayama Plant, which stretches between Tachikawa and Musashimurayama, the automaker said.
The land will be turned over to Shinnyoen in early September. The Tachikawa-based religious group has said it plans to construct a park and temple and develop a wooded area for local residents to use.
Nissan will report a net profit of some 50 billion yen from the transaction in the 2002 business year, which begins April 1, the automaker said.
The company plans to continue discussions over the use of the remaining land at a committee formed between the automaker and local municipalities.
Nissan added that it plans to utilize part of the remaining land to build a comprehensive car service and supply facility.
The Murayama plant closed at the end of March 2001 as part of a restructuring plan. The assembly lines have been transferred to Nissan plants in Tochigi and Kanagawa prefectures.