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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has entered into a joint venture agreement with Nusajaya Tech Park Sdn. Bhd. ("NTP"), which is a jointly established by companies in Singapore and Malaysia. The joint venture company to be established will engage in development of Built-to-Suit for lease (or custom designed buildings per tenants' requirements) warehouses and factories in Nusajaya Tech Park, which is located in Iskandar Malaysia. Mitsui will own 49% of the new joint venture company and NTP 51%. The plan calls for leasing to tenants, especially Japanese manufacturing companies, which will be developed on seven plots of land covering approximately 10 hectares located within Phase 1 (approximately 50 hectares) of the 210-hectare Nusajaya Tech Park.
Currently, Singapore-based companies including many Japanese manufacturers are facing land constraints and relatively higher operating cost. At 2,217 square km, Iskandar Malaysia, where Nusajaya Tech Park is located, stands out as a compelling and convenient investment destination for these companies due to its proximity to Singapore which has financial services, infrastructure and industrial base. The companies will also be able to easily recruit highly qualified personnel in Malaysia which has a GDP per capita of over US$10,000. For these reasons, the development is expected to attract companies in high value-added industries, such as pharmaceuticals, precision machinery, and medical equipment. Mitsui's partner, NTP, is a partnership between Ascendas, Asia's leading business space solutions provider and UEM Sunrise ("UEMS"), a flagship company for township and property development businesses of UEM Group which is wholly-owned by Khazanah Nasional Berhad, an investment fund of the Government of Malaysia.
The aim of this project is to attract Japanese companies into Asia by combining the advanced development expertise of Ascendas and UEMS' in-depth local market knowledge and good local connections, with Mitsui's extensive know-how in areas ranging from industrial facility development to rental property management and REITs. If efforts to attract corporate tenants are realized according to the plan, seven plots will be completed over a four-year period from the commencement of the project. Mitsui is also planning to develop business in the field of securitization through REITs in Singapore and Malaysia markets, within four or five years after completion of the project.
Through this project, Mitsui aims to provide real estate solutions to Japanese manufacturing companies and other businesses that are likely to move into Iskandar Malaysia. Mitsui will also use its comprehensive business engineering capabilities, including accumulated expertise in the areas of industrial facility development, tenant leasing, and financing, including the management of industrial facility REITs in Japan, Singapore, and Thailand. In addition, Mitsui will pursue synergies with "smart" development activities in the Iskandar-Medini area, including commercial developments, such as office buildings and housing, by attracting industries and creating jobs.
|Provisional name||AMU BTS Development Sdn. Bhd.|
|Shareholders||Mitsui: 49%, NTP: 51%|
|Business activities||Development of built-to-suit warehouses and factories for lease in Nusajaya Tech Park|
|Company name||Nusajaya Tech Park Sdn. Bhd.|
|Head office||Kuala Lumpur, Malaysia|
|Establishment||1 August 2013|
|Representative||Mr. Manohar Khiatani, Chairman|
|Shareholders||Ascendas Land Malaysia Sdn Bhd: 60%, UEM Land: 40%|
|Business activities||Development of Nusajaya Tech Park|
|Company name||Ascendas Pte Ltd.|
|Head office||Singapore Science Park II, Singapore|
|Establishment||December 20, 2000|
|Representative||Manohar Khiatani, President and Group CEO|
|Shareholders||Ascendas-Singbridge Pte Ltd. 100%|
|Business activities||Business space developer, Investment holding|
|Company name||UEM Sunrise Berhad|
|Head office||Jalan Dutamas, Kuala Lumpur, Malaysia|
|Representative||Anwar Syahrin Abdul Ajib, Managing Director / CEO|
|Shareholders||UEM Group 66.6%, Listed at Malaysian Stock Exchange|
|Business activities||Township and Property Development|
This image shows an example of a standard factory that is being developed by NTP. The innovative design differentiates the facility from ordinary factories and also provides functional and flexible factory space that can be partially converted to a showroom.
The newly established company will develop built-to-suit facilities with specifications and designs to suit the needs of each customer (i.e., actual specifications and designs may differ from the image).
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.