Notice Regarding Sale of Mitsui Fudosan’s Portionof the Shibuya Garden Front (Office Complex)
Agreement Reached with Nippon Building Fund Inc.
December 11, 2003
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”) has concluded an agreement with Nippon Building Fund Inc. (“NBF”) to sell its portion of Shibuya Garden Front and Shibuya Garden Front Annex (collectively, “the property”), an office complex located near JR Shibuya train station in Tokyo.
Mitsui Fudosan will sell its entire portion of the property (corresponding to 20% of the total) to NBF. Please refer to the attached materials for details of the sale.
The property, a modern office complex equipped with the latest facilities, was completed on September 30, 2003 in a joint venture with Sumitomo Life Insurance Company.
Mitsui Fudosan undertook the project management for development of the property under consignment from Sumitomo Life, with the intention of creating an office environment for workers that would be safe, comfortable and practical.
Tenants for the property are transcosmos inc. and its affiliated companies, which will use the property as its headquarters. The property had achieved full capacity at the time of its completion, which will allow it to generate stable earnings. This matches NBF’s desire to acquire office buildings that allow for asset management with long-term stability, and led to the sale agreement.
The Mitsui Fudosan Group, in accordance with its long-term management plan Challenge Plan 2008, has announced its intention to expand the general real estate management business. One of the typical methods of business conducted under the Challenge Plan 2008 is to develop property through joint investment, reap development benefits from the sale of value-added property to investors, carry out project management during development and manage the property after completion.
[ Attached Material ]
[Shibuya Garden Front]
<Attachment 1> Property Overview
| Owners |
Sumitomo
Life Insurance Company and Mitsui Fudosan
Co., Ltd. |
| Location |
23-1
Shibuya 3-chome, Shibuya-ku Tokyo |
| Lot
Area |
3,690.25
m2 |
| Principal
Use |
Offices,
commercial facilities |
| Floor
Area |
23,288.19
m2
Tower (office building) 23,035.93
m2
Annex (commercial facilities) 252.26 m2
|
| Construction |
Tower:
Steel frame, steel-reinforced concrete
Annex: Steel frame |
| No.
of Floors |
Tower:
14 above ground, one below, plus two-story
penthouse
Annex: Single story construction |
| Height |
Tower:
57.08m
Annex: 7.05m |
| Parking |
High-rise
tower: 63 cars (of which, 61 in automated
parking garages)
Low-rise building: Two cars |
| Design
Architect |
Nikken
Sekkei Co., Ltd. |
Construction
Company |
Obayashi
Corporation |
Project
Management |
Mitsui
Fudosan Co., Ltd |
Property
Management |
Mitsui
Fudosan Co., Ltd. (contracted to NBF Office
Management) |
Main
Building
Services and
Equipment |
Approx.
1,090 m2 of column-free space per standard
floor
Three segmented air conditioning zones per
floor
Free access floor 0.1m
Standard ceiling height 2.75m
Electric Capacity 70VA/m2
Floor Load 500kg/m2 (1,000kg/m2 in designated
areas)
Contact-free IC card security system
Earthquake-resistant construction |
<Attachment 2> Sale Agreement Overview
| Subject
Property |
Jointly
owned portion of land and building (20%
of total, Mitsui Fudosan’s total portion)
of Shibuya Garden Front and Shibuya Garden
Front Annex |
| Purchaser |
Nippon
Building Fund Inc. |
| Sale
Price |
3,480
million yen |
| Contract
Date |
December
12, 2003 (tentative) |
| Transfer |
February
2, 2004 (tentative) |
| Note |
Joint
business venture with Sumitomo Life Insurance
Company (Ownership ratio: Sumitomo Life
80%; Mitsui Fudosan 20%) |
<Attachment 3> Location map
<Attachment 4> Facade
