Tokyo Gas Faces Scrutiny Over $9.7 Billion Real Estate Portfolio [Yahoo! Finance Canada]
TOKYO GAS CO LTD UNSP/ADR (TKGSY)
NASDAQ:AMEX Investor Relations:
tokyo-gas.co.jp/ir/english/library/earn_e.html
Company Research
Source: Yahoo! Finance Canada
Most Read from Bloomberg Tokyo Gas is not unusual among Japanese utilities, which all own significant urban real estate because of infrastructure they once had to own close to consumers. Peers like Osaka Gas Co. and Kansai Electric Power Co. have similarly sprawling portfolios. But it is the giant in the sector, and holds properties in and around prime Tokyo areas, making it a top target in any effort to improve capital efficiency. It once had a plant in Toyosu, for example, now home to Tokyo's main fish market and an area that is now being developed into a zero-carbon town. It also owns headline-grabbing properties like Shinjuku Park Tower, which houses the Park Hyatt Tokyo hotel, featured in the 2003 film ‘Lost in Translation' — and built on a former gas storage facility. Should it decide to respond to Elliott's demands with action, Tokyo Gas could cut cross holdings and real estate held for investment purposes, before returning those proceeds to shareholders, said Travis Lun
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