TOKYO (Reuters) - Citigroup (C.N), which has been raising funds since taking a huge hit from the U.S. subprime mortgage meltdown, has sold its Japan headquarters to rival Morgan Stanley (MS.N) in a deal reportedly worth US$445 million.
Citigroup reported last month a record quarterly loss and wrote off $18.1 billion for investments damaged by a downturn in the U.S. housing market and a subsequent credit crunch.
The bank said it planned to raise $14.5 billion, including from the Government of Singapore Investment Corp Pte (GIC) and the Kuwait Investment Authority and Saudi Prince Alwaleed bin Talal, and has also floated the sale of peripheral businesses, such as a Brazilian credit card operation.
Citigroup said in a statement on Tuesday that it had completed the sale-and-lease back deal of the Citigroup Center in Tokyo's Shinagawa district as part of efforts to improve Citibank Japan's balance sheet and cut risk of holding property assets.
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