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September 24, 1999, Mitsubishi Motors Corporation announces the
decision to sell off part of the land used as a motor pool at the Nakatsu
of Tokyo Plant. Details of the sale are given below.
1. Property to be sold
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(1) Location / area:
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4001-1 Sakuradai, Nakatsu, Aikawa-cho, Aiko-gun,
Kanagawa Prefecture, Japan
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(2)Land:
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24,793 sq.m. [7,500 tsubo*]
(part of the land used as a motor pool)
(The total size of the motor pool is 39,971 sq. m. [12,091 tsubo*])
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(3)Amount:
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2,325 million yen (310,000 yen x 7,500 tsubo*)
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(4)Proceeds of sale:
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612 million yen(approximately)
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(5)Transferees:
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Furukawa Casting Co. Ltd.
President: Kozo Kudo
4-345, Tsukakoshi, Saiwai-ku, Kawasaki, Kanagawa Prefecture
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(6)Transfer date:
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October 29, 1999 (Signing of contract)
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(7) Payment:
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In cash
(10% down on signing of contract and 90% upon title transfer
in March 2000)
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*Remarks: 1"tsubo" is about 3.3 sq. m.
2. Reasons for Transfer
For the purpose of reducing overall assets and interest-bearing liabilities,
the company has decided to sell the land because it meets the operational
needs of the above stated company.
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