Land Readjustment Project in Hanyu City, Saitama Prefecture Basic Agreement and Reserved-Land Sale Agreement Concluded for Establishing a Large-scale Commercial Complex

The Association (location: Hanyu City, Saitama Prefecture; President: Takeo Irie; hereafter, “Association”) and Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President & CEO: Kuniharu Nakamura) have concluded a basic agreement and a reserved-land sale agreement in preparation for establishing a large-scale commercial complex at the commercial district of the southern industrial section to be developed under the Iwase Land Readjustment Project as part of the Hanyu City Planning Project (hereafter, “the District”).

The District is an approximately 9.1-hectare piece of land that comprises part of the land earmarked in 1996 for the Iwase Land Readjustment Project under the Hanyu City Planning Project (total area: 113.2 hectares). Sumitomo Corporation and the Association concluded a reserved-land sale agreement worth approximately 2.4 billion yen with respect to an approximately 6.4-hectare piece of land comprising a part of the District. At the same time, a basic agreement concerning the development of a comprehensive community at the District was also concluded.

A large-scale commercial complex is scheduled to open around summer 2020, with a supermarket and a home improvement supplies retailer already signed as tenants. The Association and Sumitomo Corporation will strengthen cooperation and collaboration to enhance the attraction of the District.

Sumitomo Corporation will coordinate the creation of the entire community at the District to deliver a more convenient and comfortable lifestyle to local residents and respond to their needs for a higher quality of living.

By housing a diverse selection of retailers and other commercial facilities, the all-encompassing community aims to offer local residents readily accessible everyday shopping experiences and encourage them to stroll around within the complex. The complex will also aim to attract local visitors from a wide scope of neighboring areas and become an integral part of their lives.