May 22, 2023
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that Daibiru Corporation (President and CEO: Takashi Maruyama; Headquarters: Kita-ku, Osaka), an MOL Group company engaged in the real property business, has concluded an agreement with Mirvac Limited*, a leading Australian development and management property group, to participate in an office building development project in Melbourne's central business district. Daibiru's move is based on its new medium- to long-term management plan, "BUILD NEXT.", which the company announced today.
For Daibiru, which has made the promotion of overseas business as one of the top priorities in "BUILD NEXT." Australia is the axis of its overseas business strategy, along with Vietnam, and the company has been working to develop new investment projects there. Under the agreement, Daibiru will acquire a 50% interest in the project and work with Mirvac to develop an office building in Melbourne. The building is slated for completion by the end of 2025.
While the MOL Group continually invests in market-driven businesses in which it anticipates high returns, in line with the "BLUE ACTION 2035" management plan, it is conducting business portfolio reforms to pursue its non-shipping businesses with the aim of ensuring profitability even during recessionary periods for the ocean shipping industry. The group will continue to expand its real property business and further strengthen the stability of its group management.
For details on the office building development project in Melbourne, please refer to Daibiru's press release.
* Listed on the Australian Stock Exchange as Mirvac Group. Assets under management including external assets, total about A$35 billion (as of December 2022)