Shinsei Bank, the Japanese lender merging with Aozora Bank, plans to sell the Pacific Century Place building in Tokyo to Secured Capital Japan for about $1.6bn, two people familiar with the deal said.

Shinsei and Secured Capital are seeking to complete the transaction for the 32-story office building adjacent to Tokyo Station by the end of December, said the people, who declined to be identified as negotiations are private.

Tokyo-based Shinsei took control of Pacific Century Place after KK DaVinci Holdings, which runs Japan’s biggest private real estate fund, failed to repay loans in September.

bloomberg.com