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U.S. markets recover from steep losses
NEW YORK, May 11 (UPI) -- U.S. insurance giant American International Group Inc. said it had agreed to sell one of the most coveted addresses in Tokyo for $1.2 billion.
AIG, which suffered huge losses in 2008 on mortgage-related investments and has accepted billions of dollars in federal bailout loans, has been selling assets to raise capital to repay the government.
On Monday, the firm announced it would sell the one-acre plot that houses The AIG Otemachi Building in Tokyo to Nippon Life Insurance Co.
In a statement, AIG Chairman and Chief Executive Officer Edward Liddy called the transaction "significant, because of the prominence and unique nature of the property and the highly attractive value that both AIG and Nippon Life Insurance Co. are realizing through the transaction."
"We have reached agreement or closed on a dozen deals in the past several months, despite a very challenging economic environment," he said, adding the company was continuing to sell assets "in order to serve the best interests of AIG."
The bidding process for the Tokyo property was "highly competitive," Liddy said, owing in part to it's location "next to and overlooking the inner moat of the Imperial Palace."
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