Mitsui Fudosan Acquires Land for the Moorgate Development Plan (Tentative Name) as Part of Its Business Developing Office Buildings in London, U.K.
November 11, 2011
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (Head Office: 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo) announced today that its U.K. subsidiary, Mitsui Fudosan (U.K.) Ltd. (Representative: Hideto Yamada), has acquired land for the Moorgate Development Plan (tentative name), which aims to develop an office building complex in the City of London.
The Mitsui Fudosan Group’s Challenge Plan 2016 long-term business strategy positions overseas business as one of the Group’s growth areas. In London, the Group has formed a capital alliance with Stanhope plc, a prominent local real estate developer, and has been developing 5 Hanover Square, a new office, retail and residential complex that is scheduled for completion in the spring of 2012. The Group also owns 20 Old Bailey, as part of its business in leasing office buildings.
The Moorgate Development is located in the heart of the City of London, where many financial institutions, asset management companies and legal firms maintain offices, and has superb transport access, including a mere three-minute walk to Bank station that provides easy access to Moorgate and Liverpool Street stations. The plan is to renovate the property while preserving the rich historical façade of the existing building, and this will be the second office building complex that Mitsui Fudosan is developing in the U.K., following 5 Hanover Square.
The Mitsui Fudosan Group has been conducting business in Europe and North America on an ongoing basis. The Group now aims to globalize at an accelerated pace through business expansion and the replacement of its real estate portfolio with relevant assets. Apart from Europe and North America, the Mitsui Fudosan Group is also actively involved in developing retail properties, residential properties, multi-purpose developments and other projects in China and other parts of east Asia.
Plan Overview (Provisional)
||Moorgate Development Plan (tentative name)
||8-10 Moorgate, City of London
|Total site area
||21,956 sq ft (around 2,040 m2)
||Office, residential, retail
|Leased floor area
||Around 132,000 sq ft (around 12,200 m2)
||9 floors above ground and 1 below
||Start of main construction work in April 2012
Scheduled for completion in December 2013
Conceptual Image of the Completed Exterior