Basic Agreement concerning Integrated Block Development Project,
Basic Agreement concerning Integrated Block Development Project, and Rebuilding of Mitsui & Co. Head Office
Tokyo, Aug 8, 2013 - (JCN Newswire) - Mitsui & Co., Ltd. (head office: Tokyo, President: Masami Iijima, "Mitsui & Co.") and Mitsui Fudosan Co., Ltd. (head office: Tokyo, President: Masanobu Komoda, "Mitsui Fudosan") have signed a basic agreement concerning an integrated block development project ("the Project") for the block of 1-2 Ohtemachi, Chiyoda-ku, Tokyo. As part of the Project, the head office of Mitsui & Co., which is located in the development area, will be rebuilt.
The Project will involve the integrated rebuilding and development of the Mitsui & Co. Head Office Building (owned by Mitsui & Co.), the Ohtemachi 1-chome Mitsui Building (owned by Mitsui Fudosan) and the Ohtemachi PAL Building (jointly owned by Mitsui & Co. and Mitsui Fudosan) with a site area of over 20,000 square meters. We will consider specific plans for the Project in consultation with the relevant government agencies and members of the local community. The aim is to contribute to the creation of an attractive urban community in Ohtemachi area with space for office, commercial and other purposes, through the construction of a multi-purpose building with advanced office functions, environmental performance and disaster-preparedness systems.
Mitsui & Co. will rebuild its present head office, which was completed in 1976, with the aim of improving environmental performance and disaster-preparedness while raising productivity through the highly efficient office environment. Since the integrated rebuilding and development enables a harmonized formulation of landscape, Mitsui & Co. have also decided to promote this project as an integrated block development together with Mitsui Fudosan. Mitsui & Co. will relocate to temporary offices during the year ending March 2015. Demolition of its present head office will begin in 2015, with completion of the new building scheduled for 2019.
For the Project, Mitsui & Co. and Mitsui Fudosan will combine the integrated strengths of Mitsui & Co. with the community development expertise demonstrated by Mitsui Fudosan through other major developments, such as the "Tokyo Midtown". Our goal is to create an attractive composite urban community.
The estimated investment of Mitsui & Co., including the construction of a new head office building, will amount to approximately 120 billion yen, while that of Mitsui Fudosan will amount to approximately 50 billion yen.
About Mitsui Fudosan
Mitsui Fudosan Co., Ltd. (TSE: 8801; US: MTSFF) is Japan's largest real estate company, and the real estate arm of the Mitsui Group. The company builds, sells, leases, and manages a wide variety of real estate, including office buildings, residential subdivisions, and condominiums. Known for its high-rises (its Kasumigaseki Building in Tokyo is considered the country's first skyscraper), Mitsui Fudosan also owns hotels and provides building management and real estate brokerage services. The company also owns sports and leisure facilities, such as suburban Tokyo's SSAWS (the world's largest indoor ski dome), and retail shops, such as Snoopy Town, based on Peanuts characters. For more information, please visit www.mitsuifudosan.co.jp .
MITSUI & CO., LTD. (TSE:8031; NASDAQ:MITSY) is one of the world's most diversified and comprehensive trading, investment, and service enterprises. Headquartered in Tokyo, Japan, Mitsui maintains a global network of 159 offices in 67 countries, and has 479 subsidiaries and associated companies worldwide. The Company's main businesses include sales, manufacturing, export / import, international trade and services in the following fields: metal products and minerals, machinery, electronics and information, chemicals, energy, consumer products and services such as retail, foods, textiles & fashion, general merchandise and various other areas, along with financial markets and logistics & transportation. Mitsui is engaged in diversifying services, as it explores and develops natural resources, while making commercial investments in the development of technologies for new businesses, and much more. For additional information, please visit the web site at http://www.mitsui.co.jp/
Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net
Provider ID: 00027214