Seibu aims to turn around its business as one of Japan's major railway and hotel operators, a sector that has been hard hit by the coronavirus pandemic.
Seibu Holdings Inc. says it will sell 31 properties in Japan held by its subsidiary Prince Hotels Inc. to Singaporean sovereign wealth fund GIC for about 150 billion yen ($1.3 billion).
Seibu Holdings Inc. has taken such a heavy hit from the COVID-19 pandemic it is close to selling 30 or so properties in Japan, including Prince brand hotels, to Singaporean sovereign wealth fund GIC for about ¥150 billion ($1.3 billion), according to sources familiar with the proposed deal.