Panasonic (PC) is selling an office building in Tokyo for about ¥50B ($537M) as part of its...

|About: Panasonic Corp. ADR (PCRFY)|By:, SA News Editor

Panasonic (PC) is selling an office building in Tokyo for about ¥50B ($537M) as part of its restructuring, with Sumitomo Mitsui Finance & Leasing (SMFG) buying 90% of the rights and Nippon Building Fund the rest. The deal is part of a trend of struggling Japanese companies divesting property to raise funds, including Sony (SNE) selling a building last month for ¥111.1B.