Mitsubishi Estate to invest up to $2.47 billion in Tokyo

Mitsubishi Estate to invest up to $2.47 billion in Tokyo

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(Global Markets) - Mitsubishi Estate Co (8802.T) will spend 150-200 billion yen ($1.85-$2.47 billion) to redevelop an area in Tokyo's Otemachi business district, the Nikkei business daily reported.

The developer plans to build skyscrapers on a plot adjacent to the Bank of Japan headquarters. It currently owns four of the five buildings that stand on the approximately 33,000 sq. meter plot, the newspaper said.

Mitsubishi Estate is likely to buy the remaining building and start work on the plot, which houses the headquarters of JX Holdings Inc (5020.T), in 2018, Nikkei reported.

The project will be central to the company's goal of expanding its area of office space for rent by 40 percent to about 2.15 million sq. meters by 2020, the paper said.

($1 = 80.930 Japanese Yen)

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das)