Click hereNTT Urban Development Corporation (Head office: Chiyoda-ku, Tokyo; President and CEO: Hiroshi Tsujigami; hereinafter referred to as "the Company") hereby announces that it has agreed to terminate the capital and business alliance agreement with Hiramatsu Inc., Ltd. (Head office: Shibuya-ku, Tokyo; President and CEO: Hisashi Endo; hereinafter referred to as "Hiramatsu") as detailed below.
Reasons for dissolving the capital and business alliance
Our company and Hiramatsu have entered into a capital and business alliance agreement on November 4, 2015, with the aim of further developing and strengthening the hotel business by building a cooperative relationship that utilizes the management resources of both companies, such as our company's extensive real estate development know-how and management capabilities, and Hiramatsu's know-how in providing high-quality meals and comfortable accommodations. Since then, we have been actively promoting business development.
As a result of discussions between the two companies, it has been determined that a certain degree of success has been achieved in light of the objectives of the capital and business alliance, and it has been decided to dissolve the capital and business alliance.
Details of the termination of the partnership
The capital and business alliance will be terminated on July 1, 2024 (hereinafter referred to as the "Termination Date"). In addition, 1.5 million Hiramatsu common shares (2.12% of the total number of issued shares) held by the Company under the capital and business alliance agreement will be sold on the termination date through off-market negotiated transactions.
others
The hotel fixed assets (Kashikojima, Atami, Sengokuhara, Ginoza, Kyoto) that we currently rent to Hiramatsu will also be sold to an SPC funded by Roadster Capital Co., Ltd. on the termination date.
[Contact for inquiries regarding this matter]
Public Relations Office Suzushima and Wakamatsu
nttud-pr@ntt-us.com