Nissan will sell an 89,000 square metre plot of land in Tokyo to the Urban Development Corporation for Y24 billion (US$201.7 million).

Previously used for Nissan's aerospace and defence businesses, the sale of the land in Ogikubo, Suginami Ward, is part of the car maker's restructuring. Nissan also sold part of its head office building in Tokyo for Y14.6 billion in 1998.

According to sources, Nissan wants to reduce its group interest-bearing debts, excluding outstanding loans, by the end of March 2003 to less than Y700 billion.

The publicly owned Urban Development Corp. will convert 40,000 square metres of the land into a park with the remainder to be used for houses.

Pollutants, including trichloroethylene, will be cleared from the site by Nissan before it is handed over.

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