Japan Airlines, which is currently trying to instigate a financial turnaround, has just sold two maintenance hangars at Tokyo Haneda airport to a Japanese real estate investment trust (REIT).
JAL says it has sold maintenance hangar one and two at Haneda to Japanese REIT Industrial & Infrastructure Fund Investment for 42.2 billion Japanese yen ($390 million) but plans to continue to use the buildings and has signed a lease.
It says the asset sale is part of its “concerted efforts to achieve its medium-term corporate revival plan for financial year 2007 to 2010”.
“The company is concentrating its resources on core transport business activities and making cost reductions in order to strengthen profitability.”
Selling the maintenance hangars means JAL reduces the risks involved in owning such real estate, it adds.
Japanese conglomerate Mitsubishi and Swiss investment bank UBS manage Industrial & Infrastructure Fund Investment.
Source: Air Transport Intelligence news
Source: FlightGlobal.com
