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Mitsubishi to Sell Tokyo Head Office

Struggling Japanese automaker Mitsubishi says it will sell its head office in Tokyo as part of efforts to reduce costs and improve cash flow.

Mitsubishi says it will sell its stake in the building to a real estate investment fund for $288 million. The investment fund is run by U.S. financial giant Morgan Stanley.

Mitsubishi admitted earlier this year that it hid numerous auto defects from authorities for decades. The automaker has also struggled with slumping sales.

Some information for this report provided by AFP and AP.