English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 14 September 2018, 16:03 HKT/SGT
Share:
    

Source: Mitsubishi Corporation
Mitsubishi Corporation to Establish Joint Venture for Urban Development Projects in Asia

TOKYO, Sept 14, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has reached an agreement with Surbana Jurong (SJ) to establish a new joint venture. SJ is a wholly owned subsidiary of Temasek Holdings, a Singapore government affiliated investment company. The new joint venture will focus on urban development projects in Asia.

MC and SJ will establish the 50-50 joint venture in Singapore following approval from the relevant authorities. The joint venture will operate in Asian countries in which the two companies already have substantial experience, particularly in Myanmar and Vietnam but also in other markets such the Philippines, Indonesia, India and Sri Lanka. The joint venture will begin by investing $500 million to acquire assets of up to $2.5 billion in aggregate over the next five years, making additional investments over time or inviting third-party investors as it takes on larger-scale projects.

In emerging Asian countries, there is an increasing demand for urban development and improved infrastructure due to rapid economic and population growth. The new joint venture will primarily engage in urban development projects that build transportation infrastructure while at the same time targeting areas surrounding transportation hubs for developing urban real estate solutions such as retail outlets, offices, apartments, hotels and hospitals.

SJ originally began by developing public housing and industrial estates in Singapore, then utilized its global network to deliver successful projects for over 70 years in more than 40 countries including Myanmar, Vietnam and India. For its part, MC has built up a wealth of expertise in the real estate business by developing an array of assets ranging from industrial complexes and warehouses to commercial facilities and condominiums, not only in Japan, but also in South East Asia, China, the United States and other markets around the world.

Although MC's real estate business previously focused primarily on developing and selling individual real estate assets, the company will be making use of its comprehensive strengths and drawing on its capacity to adopt a holistic view across numerous industries to execute future urban development projects.

Pooling the collective know-how and track records of both companies, the new joint venture will work to deliver high-quality urban development projects that meet local needs and contribute to economic development in emerging countries while at the same time keeping in line with MC's aim of simultaneously generating economic, societal and environmental value.

About Surbana Jurong

The Surbana Jurong Group is one of the largest Aisa-based urban, industrial and infrastructure consulting firms operating in 40 countries and 110 cities globally. The company has strong ties with the shareholding company Temasek Holdings[1], and maintains a wide range of networks including government officials, local companies and international institutions.

About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Contact:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705


Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058)

Topic: Press release summary
Sectors: Real Estate
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://ph.linkedin.com/company/mitsubishi-corporation

Mitsubishi Corporation Releated News
Sept 14, 2018 12:00 HKT/SGT
三菱商事、アジア諸国での複合都市開発を担う新会社設立について
Sept 10, 2018 11:08 HKT/SGT
Mitsubishi Corporation to Invest in Distributed Power Supply Project in Off-Grid Areas in Africa
Sept 10, 2018 09:00 HKT/SGT
三菱商事、アフリカにおけるオフグリッド分散電源事業への参画について
Aug 31, 2018 09:03 HKT/SGT
Hitachi and Mitsubishi Corporation Sign a Memorandum of Understanding with Metro de Panama, S.A. to Provide a Monorail System
Aug 31, 2018 09:00 HKT/SGT
日立と三菱商事がパナマメトロ公社とモノレールシステム納入に関する基本合意書を締結
More news >>
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: