In the context of development functions, we build income-generating real estate to be sold as prime investment products in a timely manner after the completion of construction and the commencement of operations.

In July 2008, the Higashi-Nibancho Square was completed in Sendai City, as was the Amagasaki Front Building in October the same year in Amagasaki City, Hyogo Prefecture. More recently, the Hiroshima Teppo-cho Building was completed, in April 2009, in Hiroshima City, and the Nibancho Center Building in Chiyoda Ward, Tokyo was finished in July 2009. Mitsubishi Estate's current development projects include the Toyosu 3-1 City Block Building Project (tentative name) and the Kita-Shinjuku Project (tentative name) in central Tokyo, as well as the Yodoya-Bashi Square in Osaka City and the Kyoto Shijo Karasuma Building (tentative name) in Kyoto City.

Mitsubishi Estate does not limit its activities solely to office buildings: it also engages in the development of a broad range of real estate, including retail properties and serviced apartments, in an effort to address the diverse needs of the investment market. Coordinating with the Building Business, we opened the Minami-sunamachi Shopping Center "SUNAMO" in Koto Ward, Tokyo in October 2008 and the "maruyama class" shopping center in Sapporo City in March 2009. As for serviced apartments, we opened the Citadines Tokyo Shinjuku -- a joint project with The Ascott Group Limited, a Singaporebased global serviced apartment operator -- in Shinjuku Ward, Tokyo in March 2009. Mitsubishi Estate is also promoting the Citadines Kyoto Gojo Project (tentative name) jointly with the Singaporean partner, aiming for a grand opening in 2010.

Looking forward, Mitsubishi Estate is making every effort to secure more business opportunities by strengthening asset solutions capabilities to maximize asset value for real estate customers.

Mitsubishi Estate is active in the real estate investment management business through Mitsubishi Jisho Investment Advisors, Inc. and Japan Real Estate Asset Management Co., Ltd. Mitsubishi Jisho Investment Advisors provides specialized services relating to real estate investment management through such means as establishing private funds that invest in real estate such as retail properties, residential properties and offices. Japan Real Estate Asset Management manages the investments of Japan Real Estate Investment Corporation, a Japanese real estate investment trust (J-REIT) specializing in office buildings. These Group companies are steadily growing their operations and working to continuously expand the balance of assets under management.

Mitsubishi Estate will place equal emphasis on each of the development and management functions to contribute to the growth of the real estate investment market in Japan. In this way, we will strive to capture new business opportunities, thereby accommodating socioeconomic needs for urban development.

Nibancho Center Building
Completed in July 2009, this multipurpose building (offices and residences) is situated on the former site of the Belgian Embassy in Nibancho, Chiyoda Ward, Tokyo. Mitsubishi Estate is employing a design system that integrates the site and the buildings to harmonize the new embassy building into a single comprehensive city block.

Toyosu 3-1 City Block Building Project (tentative name)
Directly connected to Toyosu Station on the Tokyo Metro Yurakucho line, this project boasts superior locational characteristics. Housing offices and retail spaces, this eco-friendly multipurpose complex reduces CO² emissions by 26% compared with ordinary buildings thanks to the greenery occupying 35% of the site and the effective utilization of natural air flow and sunlight. It is scheduled for completion in August 2010.