Tokyo Gas Co., the largest gas utility in Japan, is currently being examined for its extensive real estate portfolio, which is valued at around 1.5 trillion yen ($9.7 billion) according to Elliott Investment Management. The company's upcoming annual report to shareholders is expected to shed light on its strategic plans for this significant asset.

This situation is not unique to Tokyo Gas, as other Japanese utilities, such as Osaka Gas Co. and Kansai Electric Power Co., also hold large urban real estate portfolios. These portfolios were historically developed to support infrastructure needs near consumers, which is a common practice among utility companies in Japan.