Nippon Life acquires AIG site in Tokyo

American International Group, Inc (AIG) has sold its prime real estate holding in Tokyo for $1.2bn in cash to Nippon Life Insurance Company. For AIG, the sale realises a significant proportion of its asset disposal programme to help restore its balance sheet. AIG said the sale of its one-acre site in Tokyo resulted in a “very competitive bidding process” involving both Japanese and foreign investors. For Nippon Life, the acquisition of the AIG building, which overlooks the inner moat of the Imperial Palace, offers it a prime location in Tokyo’s business district Marunouchi. The transaction is expected to be completed during the second quarter of 2009.