JR East and ITOCHU Corporation will establish JR East ITOCHU Real Estate Development on October 1.
JR East Real Estate Asset Management, a JR East subsidiary, and ITOCHU Property Development, an ITOCHU Corporation subsidiary, will be merged under joint management. JR East will hold a 60% stake and ITOCHU Corporation a 40% stake. Capital will total JPY 10.698 billion. Shigeru Tanabe, currently President and Representative Director of JR East Real Estate Asset Management, will become President and Representative Director, while Norio Matsu, currently President and Representative Director of ITOCHU Property Development, will become Senior Managing Director and Representative Director.
The company’s businesses will include real estate development, housing, rental real estate, real estate investment, and real estate operations. Its subsidiaries and affiliated companies will include JR East ITOCHU Housing (currently ITOCHU Housing), Makuhari City, and NEON JAPAN.
The corporate logo features a monogram of “JI,” weaving together the initials of the JR East Group and ITOCHU Group. Based on the groups’ respective corporate colors of green and blue, it uses yellow-green and deep blue. Its statement is: “Places and moments that move the heart.”
The new company will combine the JR East Group’s expertise in station-centered urban development with the ITOCHU Group’s development, planning, and technological capabilities. It plans to develop housing, offices, commercial facilities, logistics facilities, hotels, and more, while advancing urban development centered on railway stations and rail corridors.
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