New Company Established to Develop Shopping Center in Ayase

Hitachi Capital Corporation announced today that it has established a new operating company, Hitachi Capital Ayase SC Co., Ltd., to drive forward a new business model for a shopping center project under development in Ayase. Concurrently, Hitachi Capital also wishes to announce details on progress with the development of this shopping center. Plans call for Hitachi Capital Ayase SC to oversee the Ayase shopping center as well as promote the development of other new shopping center projects.

Hitachi Capital is pressing ahead with an urban redevelopment business. This involves the construction and leasing of buildings that meet customer needs on leaseheld commercial land by utilizing idle landholdings of the Hitachi Group and Hitachi Capital customers. The urban redevelopment business is positioned as one of ten expanding businesses in Hitachi Capital’s current medium-term management plan.

One initiative to drive forward this business is the development of the Ayase shopping center. Geared to the creation of added value, this business model entails the development, management and operation of shopping centers, recasting Hitachi Capital as a commercial property developer. The project will fuse Hitachi Capital’s cumulative expertise with advanced, specialized financial knowledge and the Hitachi Group’s network.

<Reference>
Background of President and Representative Director Masami Aishima

(1) Background to Development Project

In line with its Town Center Plan, the city of Ayase is currently implementing an urban redevelopment drive aimed at reshaping the city for success in the 21st century. As part of this drive, the city has decided to adopt Hitachi Capital’s proposal to develop a commercial complex that would serve as a new landmark for the city. Construction of this shopping center got under way in June 2004. The aim is to complete and open the facility by March 2005.

(2) Location

The construction site is located in the center of Ayase City, in the Kenou region of Kanagawa Prefecture. Situated in the Fukaya Commercial District (central zone) fronting the Ayase City Office, the site is flanked on the west by the Terao Kami-Tsutidana Line, which runs from the north to south of the city, and on the north by the Hayakawa Hon-Tatekawa Line, which runs from the east to west, and two major roads. The site is easily accessible from all areas of Ayase by car and is located in close proximity to promising markets in the neighboring cities of Ebina, Fujisawa and Yamato.
Aiming to reach a targeted population of 100,000 residents, Ayase is steadily developing business and residential areas set in a lush natural environment.

(3) Shopping Center Concept
The shopping center will

• Be Ayase’s largest to provide value-added daily necessities and other products, services and information;
• Offer a comfortable environment for families to enjoy shopping;
• Serve as a landmark for Ayase;
• Serve as a gathering place for the community; and,
• Be designed to exist in harmony with people, communities and the environment.

(4) Artist’s Rendition of Shopping Center (may differ from actual facility)

(5) Facility Features

• An indoor mall consisting of two buildings with an environmentally safe design that provides a comfortable setting for shoppers.
• A pedestrian bridge will connect the two buildings, which are separated by a road and 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.
• The shopping center’s food court will feature an outdoor dining terrace for customers to enjoy.
• Benches will be provided throughout the shopping center to allow shoppers to rest.
• A nursery and special restrooms for physically disadvantaged customers and families will be provided.
• A co-generation system will be employed to allay environmental concerns.

(6)Name

• Shopping Center Name

  AYASE TOWN HILLS SHOPPING CENTER

  This shopping center will serve as a new landmark for Ayase City. Its name reflects the geographical features of the facility’s location—rolling hills in the Ayase town center.

• Shopping Center Logo

  

• Shopping Center Mascot (Honey bee)

  

This mascot is designed to capture the essence of Ayase’s drive to create a “hometown steeped in nature and culture,” and “a beautiful city replete with water, greenery and a gentle breeze.” Blessed with a lush natural environment in the form of hills, forests, rivers, flowers and much more, Ayase’s rolling hills are represented by a honey bee and its dynamic flight path.

(7) Tenants Scheduled to Open Stores

Core tenants include a “Summit Store” supermarket in the 1st underground floor in Building A, and a “VIVA HOME” home improvement center, which will occupy all of Building B (first and second floors). Furthermore, priority tenants will be located on the second floor of Building A, including a “The Daiso” ¥100 discount general merchandise retailer, and a “Nojima” home electric appliance store. The shopping center will also welcome a diverse array of some 60 retailers as ordinary tenants. Primary tenants scheduled to open stores and their respective businesses are as follows:

(8) Overview of Facility

(9) Contact

For inquiries regarding this release:
Ayase Town Hills SC Development Office
Hitachi Capital Ayase SC Co., Ltd.
Phone: +81-3-3514-3060
Facsimile: +81-3-3514-3061