News Releases and Notices
Notice Concerning Liquidation of Subsidiary
On February 2, 2006, the Board of Directors of NTT Urban Development Corporation reached a resolution to liquidate GP Building Management Co., Ltd., a consolidated subsidiary, as outlined below.
1. Reason for Liquidation
Originally, the joint owners of Granpark Tower established GP Building Management to manage that building. However, since that time the number of joint owners has decreased to two, reducing the need for management by a separate entity. Therefore, the decision was made to liquidate this subsidiary.
NTT Urban Development will become the contractual party for tenant lease agreements and will take over operations of the building. This arrangement should simplify operations, streamline relations with tenants and consolidate management, leading to improved tenant services and higher operating efficiency.
2. Overview of the Subsidiary
| (1) Official name | : | GP Building Management Co. Ltd. |
| (2) Head office | : | 4-1, Shibaura 3-chome, Minato-ku, Tokyo |
| (3) Established | : | April 4, 1996 |
| (4) Representative | : | Toshio Kadota |
| (5) Business | : | Building management |
| (6) Capitalization | : | ¥20 million |
| (7) Ownership | : | NTT Urban Development Corporation: 75% Nittsushoji Co., Ltd.: 25% |
3. Forecast
The Liquidation of this subsidiary is expected to have a slight impact on consolidated operating performance.
4. Liquidation Schedule (Planned)
| March 31, 2006 | Resolution to liquidate company |
| Early July, 2006 | Liquidation to be completed |
