With the intent of its use to be determined at a later date, the Oriental Land Company (OLC) announced its plans to acquire approximately 5.8 acres of neighboring land from the Dai-ichi Life Insurance Company at an approximate cost of $89 million US. The land is the former site of the Tokyo Bay NK Hall and contains ‘ancillary facilities’ according to the notice. Dai-ichi Life Insurance Company is a major shareholder of OLC and corporate sponsor of the Tokyo Disney Resort.
According to the published notice, ‘as the land is located within the Tokyo Disney Resort and comprises an uninterrupted stretch of sizable space, the asset is considered to be of great value by the Resort for future use. Specific ways of using the land will be subject to internal discussions going forward.’
The actual transfer of land is not expected to occur until at least April 2016.