Shinsei Bank, the first Japanese lender acquired by foreign investors, agreed to sell its head office in central Tokyo on Thursday as it struggles to stay out of the red amid losses from the U.S. subprime mortgage loan crisis.
The bank said it will sell its headquarters, a modern building with 62,400 sq. meters of floor space overlooking Hibiya Park in Chiyoda Ward, for ¥118 billion to a real estate fund affiliated with Morgan Stanley, realizing a profit of ¥56 billion from the sale.
"This more than balanced the increased costs related to our exposure to the U.S. residential mortgage market and other factors, such as the impact from recent turmoil in overseas credit markets," the bank said in a statement released Thursday.