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In the Omotesando project, for which we issued a news release on November 9, the fixed lease term for business of the property, which the Company acquired through an SPC in 2006, expired in this fiscal year. We have decided to build a new commercial building and will start construction this month.
The Omotesando project is located in the Omotesando area, one of the most popular commercial districts in Japan, at the crossroads of Omotesando Avenue and Meiji-dori Street.
Of the first basement level to the seventh floor, three floors from the first basement level to the second floor will be divided into three areas, each of which the Omotesando side, the corner, and the Meiji-dori side will be leased by major tenants. Each of the three main tenants has already concluded an agreement with lease terms mostly the same as those planned when the Company acquired the property. |
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