Mitsubishi Estate to accelerate Marunouchi development

Tokyo

MITSUBISHI Estate Co, Japan's biggest developer, announced plans to redevelop part of Marunouchi in central Tokyo, the country's most expensive business district.

The area of at least 11,240 sqm consists of three office buildings, the company said in a statement on Thursday. It will sell the property rights to one of the buildings, the former Mizuho Bank head office, to Mizuho Financial Group Inc for 159 billion yen (S$1.8 billion) and book 36.5 billion yen as a one-time gain. Mitsubishi Estate will use the proceeds for further development work in the area.