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\n Courtesy of Mitsui Fudosan and Secchi Smith\/RSHP\n <\/p>\n
\n A rendering of the new British Library extension and life sciences scheme being funded by Mitsui Fudosan, with Stanhope as development manager.\n <\/p>\n
Despite uncertainty in financial and property markets, the Tokyo-listed investor and developer with a market capitalisation of \u00a320B plans to continue on its path of global expansion, with both the UK and U.S. on its radar.\u00a0<\/p>\n
\u201cBecause there\u2019s a chronic shortage of housing in this country, there’s a demand and supply gap as a result,\u201d Iwama said. \u201cAnd the new Labour government is very much strongly supporting residential development, and therefore, there is a tailwind for such a movement, and we are looking into that.\u201d<\/p>\n
Mitsui has built high-end residential for sale as part of its Television Centre<\/a> project in White City<\/a>, west London, which it built in conjunction with Stanhope<\/a>. But it is also looking at the BTR and student sectors in the UK,\u00a0Iwama said.\u00a0<\/p>\n Mitsui can trace its company history back as far as 1673, to the opening of the Echigo-ya clothing store in Nihonbashi by Takatoshi Mitsui, founder of the House of Mitsui.<\/p>\n As a property company, its history goes back to 1913.<\/p>\n It first started investing in earnest in the UK in 2006 when it bought a 15% stake in developer Stanhope. It developed London office buildings, including 5 Hanover Square in the West End<\/a> and 8-10 Moorgate in the City.\u00a0<\/p>\n In 2012, it bought Television Centre from the BBC. With Stanhope as development manager, it turned\u00a0the property into a 1.5M SF mixed-use scheme\u00a0that includes offices, residential, retail and an outpost of Soho House<\/a>.\u00a0<\/p>\n More recent developments include One Angel Court, a 300K SF redevelopment of a City office tower.<\/p>\n It is on-site in a joint venture with Grosvenor<\/a> for a \u00a3500M redevelopment of the South Molton Triangle, which will deliver 263K of offices across two buildings in Mayfair.\u00a0<\/p>\n \n Courtesy of Mitsui Fudosan and Tyson Sadlo\n <\/p>\n \n Mitsui Fudosan UK CEO Takeshi Iwama\n <\/p>\n Earlier this year, Mitsui Fudosan\u00a0committed to a \u00a31.1B development that will include 600K SF of commercial space targeting life sciences and innovation occupiers. The development will be built next to the British Library in King\u2019s Cross, alongside a 100K SF extension for the library itself. Stanhope is again the development manager.<\/p>\n The scheme is a highly complex development. Mitsui and Stanhope need to build what amounts to a giant concrete box under the\u00a0project in case the Crossrail 2<\/a> rail scheme is ever given the go-ahead, though there is little likelihood of that soon, since the government has said it won\u2019t fund it.\u00a0<\/p>\n<\/p>\n