Tokyu Land Corporation agreed to acquire remaining 49.29% stake in Tokyu Community Corp. from Tokyu Corporation, Tokyu Hands Inc., Nippon Life Insurance Company, Sumitomo Mitsui Trust Bank, Limited, Tokyu Livable, Inc., Tokyu Community Corp., ESOP and others for ¥40.8 billion.
May 10, 2013 at 05:00 am
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Tokyu Land Corporation (TSE:8815) agreed to acquire remaining 49.29% stake in Tokyu Community Corp. (TSE:4711) from Tokyu Corporation (TSE:9005), Tokyu Hands Inc., Nippon Life Insurance Company, Sumitomo Mitsui Trust Bank, Limited, Tokyu Livable, Inc. (TSE:8879), Tokyu Community Corp., ESOP and others for ¥40.8 billion on May 10, 2013. As part of the transaction, a holding company named Tokyu Fudosan Holdings Corporation will be formed. Under the transaction, one Tokyu Land share can be exchanged to one share of the holding company and one Tokyu Community share can be exchanged to 4.77 shares of the holding company. In a related transaction, Tokyu Land Corporation (TSE:8815) agreed to acquire remaining 47.07% stake in Tokyu Livable, Inc. (TSE:8879) from Tokyu Corporation (TSE:9005), Tokyu Hands Inc., Tokyu Community Corp., MSCO Customer Securities and others for ¥12.9 billion on May 10, 2013. After the transaction, Tokyu Land and Tokyu Community will become wholly owned subsidiaries of Tokyu Fudosan Holdings Corporation. After the transaction, the shares of Tokyu Fudosan Holdings will be listed on the Tokyo Stock Exchange.
Tokyu Community will be retained by Tokyu Land to provide management and other services for buildings, etc. held by Tokyu Land. After the transaction, Masatake Ueki will become Chairman, Kiyoshi Kanazashi will become President & Representative Director, Hirofumi Nomoto, Yoshihiro Nakajima, Motonori Nakamura, Ushio Okamoto, Satoshi Ogura, Minoru Furukawa, Iwao Ohtaki, Toshiyuki Saegusa, Hitoshi Uemura, Toshihiko Kitagawa, Yuji Ohkuma will become Directors of Tokyu Fudosan Holdings. The transaction is subject to approval of shareholders of Tokyu Land and Tokyu Community. The ordinary general meeting of shareholders of Tokyu Land and Tokyu Community is expected to take place on June 26, 2013 and June 21, 2013, respectively. The Boards of Directors of Tokyu Land and Tokyu Community unanimously approved the transaction on May 10, 2013. The transaction was approved by shareholders of Tokyu Community and Tokyu Land on June 21, 2013 and June 26, 2013 respectively.
Tokyu Land and Tokyu Community formed a group integration committee for the transaction. Tokyu Land and Tokyu Community are expected to be delisted from the Tokyo Stock Exchange on September 26, 2013. The incorporation registration date of the Tokyu Fudosan Holdings is October 1, 2013. The listing date of Tokyu Fudosan Holdings is October 1, 2013. Nishimura & Asahi acted as legal advisor for Tokyu Land Corporation and Oh-Ebashi LPC & Partners acted as legal advisor for Tokyu Community Corp.
Tokyu Corporation specializes in railway transportation services. The group is also developing retail distribution and real estate promotion activities, and is providing entertainment services. Net sales break down by activity as follows:
- retail distribution (62.9%): operating of department stores, supermarkets, etc. The group also offers TV channels broadcasting services ;
- real estate assets promotion and management (17.2%);
- railway and road transportation services (15.9%);
- hotel operating (4%).
Tokyu Land Corporation agreed to acquire remaining 49.29% stake in Tokyu Community Corp. from Tokyu Corporation, Tokyu Hands Inc., Nippon Life Insurance Company, Sumitomo Mitsui Trust Bank, Limited, Tokyu Livable, Inc., Tokyu Community Corp., ESOP and others for ¥40.8 billion.
TOKYU CORPORATION 
