AIG completes sale of Tokio property

American International Group, Inc. (AIG) completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company. Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2 billion in cash (¥115,500mm) for the entire building and the approximately one acre of land on which it is situated. AIG’s chairman and chief executive, Edward Liddy, said the group had completed the sale in less than 30 days after reaching an agreement on this transaction. AIG, he said, was able to realize an attractive price for the property despite a very challenging global real estate environment. He added that the sale of the property represents another step forward in AIG’s asset disposition and restructuring efforts and should serve the best interests of AIG and its constituents.