Sumitomo Corporation to Enter Office Building Development in Mumbai, India with Two Leading Global Developers

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) has announced its entry into an office building development project in Mumbai, Maharashtra, Western India, through a three-way partnership with Hines, a leading global real estate investment manager and developer based in the United States, and Mitsubishi Estate Company. India is expected to continue experiencing a demographic dividend, along with maintaining economic growth in the 6% range. In addition to its domestic demand-led economic structure, the country is increasingly recognized as a global business hub, particularly in the IT, financial, and service sectors. Based on the shared recognition that India remains a resilient growth market even amid today’s increasingly uncertain global economy, we have decided to participate in this project.

Office Building Development Project Overview

The office project will be located adjacent to Mumbai's BKC district, home to the headquarters of many multinational and major Indian corporations. The building will have a total floor area of 141,000 square meters, with 12 floors above ground and seven underground. The area boasts advanced infrastructure, including roads and train stations. The site is close to a planned new high-speed rail station and two metro stations currently under construction, making it an ideal location for office development. The building's design will be led by Kohn Pedersen Fox Associates, the renowned U.S. architectural firm known for projects such as Roppongi Hills. Plans feature a dynamic facade, a commercial zone on the lower floors and a spacious three-story atrium open to the public. The project will also include a large, approximately seven-thousand-square-meter floor plate to meet diverse tenant needs, along with environmentally conscious features. The goal is to develop a high-grade, globally competitive office building.

Project Overview and Site Details

In Mumbai, Sumitomo Corporation is also working together with Hines, its partner in the office building development project, on a condominium development. The condominium project will be built on a site of approximately 13,000 square meters adjacent to Powai Lake in central Mumbai. It will consist of six 20-story towers, comprising a total of 321 units. The site is located about seven kilometers from the Bandra Kurla Complex (BKC), one of Mumbai's central business districts. It is also near the approximately one-million-square-meter Hiranandani Gardens Township, a large-scale residential and commercial area known for its convenience and quality of life. The location offers scenic views of Powai Lake to the north and is ideally suited for the target demographic of the growing upper-middle class.

Project Overview and Site Details

Reference

Partner Company Overview

Hines Overview

CEO	:	Jeffrey C. Hines
Founded	:	1957
Business Summary	:	Hines is a leading global real estate investment manager. It owns and operates $90.1 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, its 5,000 employees in 30 countries draw on their 68-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate.

Mitsubishi Estate Company, Ltd. Overview

President and CEO	:	Atsushi Nakajima
Founded	:	1937
Business Summary	:	A major integrated real estate developer engaged in the development and management including office, residential, logistics and commercial properties, Mitsubishi Estate Company operates in 16 countries and regions worldwide. This will be its second office investment in India.

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