Mitsui Fudosan has begun redevelopment of the British Library in London. The project involves an investment of approximately £1.1 billion (approximately ¥230 billion), with adjacent land to be leased under a 160-year agreement for the construction of a building with 11 floors above ground, 1 basement level and approximately 29,000 tsubo of total floor area. Completion is targeted for 2032.
Mitsui Fudosan held a groundbreaking ceremony for the redevelopment of the British Library in central London and announced that it will invest £1.1 billion, the largest-ever real estate investment in Europe by a Japanese company. The investment is expected to total approximately ¥230 billion.
The redevelopment plan calls for the adjacent site, which formerly housed facilities related to the British Library, to be leased under a 160-year agreement. A building with 11 floors above ground, 1 basement level and approximately 29,000 tsubo of total floor area will be constructed. An exterior rendering was also released.
The project has attracted attention as a major European real estate investment by a Japanese company, with completion targeted for 2032.