TOKYO (dpa-AFX) - ITOCHU Corporation (IOC.F) said on Tuesday that it has signed a memorandum of understanding with East Japan Railway Company (JR East) to explore a strategic alliance in the real estate sector, including a potential integration of their respective subsidiaries, JR East Real Estate Co. (JERE) and ITOCHU Property Development (IPD).
The integration would create a comprehensive real estate developer, combining JERE's railway-linked property developments with IPD's 'CREVIA' condominiums and leasing business, leveraging JR East's tangible railway network and ITOCHU's global business network.
The collaboration combines JERE's expertise in railway-focused development, access to company-owned land, town-building experience, and customer touchpoints with IPD's planning, technical capabilities, housing know-how, and international trading network.
The partnership will allow JR East to expand urban developments and customer touchpoints, while enabling ITOCHU to undertake large-scale, station-centered projects, creating new value and driving growth for both groups' real estate businesses. It also aims to enhance lifestyles and business connectivity, boost urban and regional attractions, support regional revitalization, and potentially expand successful domestic projects into overseas markets through ITOCHU's global network.
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