JEWELRY: Tiffany sells flagship Ginza store

Tiffany & Co. said Thursday it has sold the land and building for its Tokyo flagship store for more than double what it paid four years ago.

The store in the upscale Ginza shopping district sold for $328 million (about 38.05 billion yen), $188 million more than the $140 million the company paid in 2003.

The New York-based jewelry company did not disclose the buyer, but local media reports said the store was purchased by Goldman Sachs Group Inc., which has been buying up Japanese real estate, particularly prestigious plots in urban centers.

Despite the ownership change, the building will continue to house Tiffany's Ginza store on a leasing contract with Goldman Sachs, the reports said.
Source: asahi