Hitachi Capital Initiates Plans to Develop a Shopping Center in Ayase

Hitachi Capital Corporation wishes to announce that it is initiating plans to develop the Ayase Central Shopping Center (provisional name) in Ayase City, Kanagawa Prefecture, as part of the company’s urban redevelopment business involving the leasing of buildings on leaseheld commercial land. The urban redevelopment business is positioned as an expanding business in Hitachi Capital’s current medium-term management plan.

1.Background and Hitachi Capital’s Role

The city of Ayase is currently implementing an urban redevelopment drive in line with its Town Center Plan*. As part of this drive, the city has solicited and reviewed proposals from multiple contractors for commercial development projects in the town center, the focal point of the Town Center Plan. Following this process, the city has decided to adopt Hitachi Capital’s proposal to develop a shopping center, and designate the company as the primary contractor for the project. As such, Hitachi Capital’s role will be to conduct all operations related to the proposed shopping center, from formulating development plans to soliciting tenants and fully managing and operating the facility.

This plan marks Hitachi Capital’s first project in the field of commercial real estate development. Looking ahead, Hitachi Capital will use this experience to strengthen its hand in the development of commercial real estate, as part of its urban redevelopment business. To ensure the success of this project, Hitachi Capital has established the Ayase SC Development Office to drive this project forward.

*The Town Center Plan

The city of Ayase is currently implementing a large-scale project called the Town Center Plan, which aims to concentrate a variety of modern urban functions, ranging from commercial and public services, to residential accommodation and civic plazas, in a large site in the center of the city. With large-scale, residential development already underway, the opening of the proposed shopping center will create a lively venue in the heart of the city that is sure to enhance the daily lives of area residents.

2.Development Plans for Ayase Central Shopping Center (Provisional name)

(1) Overview

(2) Features

• Ayase’s first large-scale shopping center, this facility will be constructed in the town center in close proximity to the Ayase City Office, Cultural Center and other key facilities.
• The shopping center’s main retailers will include a “Summit Store” supermarket operated by SUMMIT INC. and a “VIVA HOME” home improvement center operated by TOSTEM VIVA CORPORATION. Hitachi Capital will also solicit a variety of specialist retailers to open stores in the shopping center. This will ensure that the shopping center provides a diverse range of products and services that support and enrich the daily lives of area residents.
• The shopping center will be designed to provide a comfortable environment for customers to shop and to serve as a gathering place for the community.
  • A pedestrian bridge will connect the West Wing’s Building A with the East Wing’s Building B, which are separated by a road and a river.
  • Taking advantage of the site’s differences in elevation, the shopping center will feature a Sunken Garden at the main entrance.
  • The shopping center will be designed in a barrier-free manner to facilitate access for all customers.
  • An amusement center for families and a recreational area for children to enjoy on their own will be provided.
  • Benches will be provided throughout the shopping center to allow shoppers to rest.
  • The shopping center’s food court will feature a dining area on a terrace with a view of the river.
  • Parking lots will accommodate up to 1,100 vehicles, with space for up to 900 bicycles.

(3) Floor plan

(4) Artist's Rendition of Shopping Center

*Please note that plans are effective as of the date of this press release, and may change in the future.