NTT Docomo sold two plots of land in central Tokyo for about ¥59 billion ($371 million), according to people familiar with the matter, the latest large deal in Japan’s booming real estate market.
The mobile phone operator sold the land surrounding a building in Hitotsubashi, Chiyoda Ward, to Sumitomo for around ¥50 billion, land registry records show. It also sold land under a building in Shinjuku district to Japan Post Real Estate for about ¥9 billion. Docomo will continue to own the two buildings, said the people, asking not to be identified discussing confidential information.
An NTT Docomo spokesperson declined to comment on individual deals, but said in general that efforts to increase cost and asset-holding efficiency lead to more funding. A Japan Post Real Estate spokesperson declined to comment on the deals. Sumitomo representatives weren’t immediately available to comment.
