Mitsui Fudosan’s Real Estate Expansion Extends to Europe for $6.1B
Mitsui Fudosan laid out its plans to expand its presence in Europe, setting sights on London’s strong real estate with a budget of 500 billion yen or $6.1B.
Hideto Yamada, head of Mitsui’s European operations, told the Financial Times that the Tokyo-based company plans to buy land in the U.K for new development along with existing offices and shopping centers.
Mitsui Fudosan has about $30 billion in assets and $20 billion in an investment fund. And not only is the company targeting London, it also plans to expand to France, Germany and Spain. However,the company is taking a wiat and see approach to the continent due to the ongoign euro zone crises. That said, Yamada mentioned that one day properties outside of Japan could make up a third of its revenue.
According to Yamada, the company doesn’t have any strategic plans in regards to timing but for Mitsui Fudosan. Its about being ready for when the opportunities present themselves.
Photo Credits: Paul ‘Tuna’ Turner via Flickr Creative Commons