Sanden Corporation, the Gunma-based maker of automotive air-conditioning compressors, has agreed to sell its Sanden Forest/Akagi plant in Maebashi to a Tokyo-listed real estate investment trust for ¥8.0bn, and will lease the site straight back so the assembly line does not skip a beat.
The board approved the sale on August 7 and signed the purchase agreement on August 17. Property delivery and the ¥8.0bn payment are both scheduled for October 1. The plant was carried on Sanden's books at ¥4.4bn, so the deal is set to produce an estimated ¥3.3bn extraordinary gain on the sale of fixed assets in the consolidated results for the year ending December 2026.
| Feature | Detail |
|---|---|
| Property | Sanden Forest/Akagi plant, Maebashi, Gunma Prefecture |
| Sale price | ¥8.0bn |
| Book value | ¥4.4bn |
| Estimated consolidated gain | ¥3.3bn (company estimate) |
| Buyer | J-REIT, Tokyo Stock Exchange REIT market, ticker 3249 |
| Lease term | 15-year fixed-term building lease |
| Property delivery / payment date | October 1, 2026 (scheduled) |
The buyer is a J-REIT trading on the Tokyo Stock Exchange's REIT market under ticker 3249, managed by asset manager KJR Management and focused on logistics, factory, R&D, and infrastructure properties. The filing states the two companies have no capital, personnel, or business ties. Sanden will lease back the plant for 15 years under a fixed-term building contract, and the company says the arrangement leaves production, development work, and its environmental programs at the site unaffected.
The same extraordinary report disclosed a separate, unrelated item: Sanden booked ¥5.8bn in non-consolidated dividend income for the six months to June 2026, largely from a Chinese automotive air-conditioning affiliate. That amount is eliminated in consolidation, so it has no effect on group earnings.
The disclosure triggered a paperwork follow-up. Because the new extraordinary report had to be added as a reference document, Sanden also filed a same-day amendment to a pending third-party share allotment worth ¥84.2mn, pushing the subscription window back from August 24 to September 3 while leaving the September 29 payment date and 165 yen issue price unchanged.