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Mitsubishi Estate plans first-ever stock buyback

Property developer pivots to investor returns as earnings improve

Mitsubishi Estate completed the Marunouchi Nijubashi office building in Tokyo last October.

TOKYO -- Japanese property developer Mitsubishi Estate will buy back up to 100 billion yen ($913 million) of its shares, marking the company's first stock repurchase as domestic businesses increasingly look to put their cash piles to effective use.

The buyback will target a maximum of 65 million shares -- or 4.68% of those outstanding apart from treasury stock -- according to Tuesday's announcement. Furthermore, Mitsubishi Estate will aim for a dividend payout ratio of 30%, compared with the previous range between 25% and 30%.

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