OREANDA-NEWS. Mitsui & Co., Ltd. and Mitsui Fudosan Co., Ltd. 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.