NEW YORK--May 28, 2009--
American International Group, Inc. (AIG) announced today that it has
completed the sale of its prime real estate holding in the Otemachi
District in Tokyo to Nippon Life Insurance Company.
Under the terms of the agreement, Nippon Life Insurance Company paid
approximately $1.2 billion in cash (¥115,500mm) for the entire building
and the approximately one acre of land on which it is situated.
“We are pleased to complete the sale in less than 30 days after reaching
an agreement on this transaction,” said Edward Liddy, AIG’s Chairman and
Chief Executive Officer. “Despite a very challenging global real estate
environment, AIG was able to realize an attractive price for this prized
property. The sale of this asset represents another step forward in
AIG’s asset disposition and restructuring efforts and should serve the
best interests of AIG and its constituents.”
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
Peter Tulupman, 212-770-7205
Teri Watson, 212-770-7074