Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) is pleased to announce that Mitsui & Co. Real Estate Ltd. ("Mitsui Real Estate"), a wholly-owned consolidated subsidiary, has entered into a basic agreement with local holders of land rights concerning the joint development of a multipurpose office building in Nishi-Shimbashi 1-chome, Minato-ku, Tokyo.
This joint project will result in the comprehensive redevelopment of approximately 8,000 square meters of land, including land owned by Mitsui Real Estate located in Nishi-Shimbashi 1-chome, Minato-ku, Tokyo, together with surrounding lots. The planned structure will be a multipurpose office building equipped with the most advanced office functions, environmental performance, and disaster-prevention systems. It will include both office space and commercial space. Detailed plans for the project will now be considered in consultation with the relevant government agencies and local parties concerned.
Consideration will be given to contribution to the local community and improvement of urban functions through the creation of a streetscape that will harmonize with the Nishi-Shimbashi 1-chome area as a whole, through the enhancement of local disaster-preparedness and the stimulation of community and business activities. Construction will begin in 2018, with a scheduled completion date of around 2021. Mitsui Real Estate is expected to invest around ¥45 billion.
||Mitsui Real Estate, local rights-holders
||Nishi-Shimbashi 1-chome, Minato-ku, Japan
||Offices, retail stores, parking lot, etc.
||Approx. 8,000 m2 (based on current situation)
||Approx. 100,000 m2 (planned)
||27 floors, 2 basement levels
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.