Listed Japanese multinational holding company Seibu has confirmed talks to sell a mixed-use complex in central Tokyo, reportedly valued at JPY400bn (€2.4bn).

Media reports suggest that Blackstone is the frontrunner to acquire Seibu’s Tokyo Garden Terrace Kioichoi complex, a 367-storey development comprising offices, a hotel and residential apartments.

Blackstone declined a request for comment.

In reposnse, to the reports, Seibu said discussions to sell the complex was ongoing with the aim of concluding a sales agreement within the current year.

Seibu said: “In the Seibu Group’s long-term strategy to 2035, and the FY 2024-FY2025 Seibu Group Medium term plan” announced on 9 May 2024, Seibu outlined its growth strategy for the business. This includes participation in the capital recycle business and a plan to securitise Tokyo Garden Terrace Kioicho.

Seibu added that no decision had been made at this time and that it would provide prompt disclosure as appropriate once a final decision is reached.

Seibu, one of Japan’s largest landowners, also owns a large portfolio of hotels and resorts.

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