Subaru carmaker Fuji Heavy Industries will sell its head office building in Tokyo's Shinjuku area to Odakyu Electric Railway for JPY34bn (US$400.7m).

Fuji said the property, known as the Shinjuku Subaru Building, will be turned over on 28 April next year to Odakyu, which runs a railway from Shinjuku station.

It will book proceeds from the transaction in its earnings report for the 12-month period to 31 March, 2012, the company told Kyodo News.

Fuji Heavy will continue to use the head office building by renting it as a tenant for about four more years, during which it plans to replace another building it owns in Tokyo's Shibuya Ward with a new one with part of the proceeds and transfer most of its headquarters functions to the new building in October 2014.