(Bloomberg) -- Japan Post Holdings Co. is planning to convert some 20 properties it owns into mixed-development complexes in a bid to reduce reliance on financial operations, according to the Nikkei.
The Tokyo-based group, which manages trillions of dollars’ worth of assets, has earmarked locations in central Tokyo and in Japan’s biggest cities for redevelopment, the Nikkei reported, without saying where it got the information. Japan Post also is considering expanding existing plans to invest ¥500 billion ($3.4 billion) through fiscal 2025, the paper said.
Japan Post’s banking and insurance arms earn almost 90% of its profit, but the group’s real estate holdings comprise a network of post offices, company housing, and other valuable properties in urban centers nationwide, the Nikkei said.
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