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Aug. 04, 2014
Sumitomo Corporation

Sumitomo Corporation to acquire “MOMO” commercial facility in Kyoto’s Fushimi Ward in October 2014

After two-stage renovation, “MOMO Terrace” to be Grand Opening in early summer 2015

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura) has recently concluded a trust beneficial interest sale/purchase agreement as part of its acquisition in October of the “MOMO” commercial facility located in the vicinity of Rokujizo Station in Kyoto’s Fushimi Ward.

Completed in November 1996, MOMO is the number-one commercial facility in the Fushimi area of Kyoto. Sumitomo Corporation will acquire MOMO in October 2014, entrust operation of the facility to Sumisho Urban Kaihatsu Co., Ltd. (Head Office: Chuo-ku, Tokyo; President and CEO: Masaaki Kokubo), and carry out a major two-stage renovation to be completed by early summer 2015 while keeping the facility in operation.

This major renovation of MOMO will make maximum use of the know-how cultivated by Sumitomo Corporation and Sumisho Urban Kaihatsu (hereinafter collectively referred to as “the Sumitomo Corporation Group”) in developing and operating station-front commercial facilities as well as Terrace Mall Shonan and other large-scale regional shopping centers.

The Sumitomo Corporation Group believes that commercial facilities should be bases for day-to-day living that help people lead more affluent lives. The Group will expand the food zone and pursue “urban development-style commercial development” incorporating urban lifestyle service functions to make this facility the center of the local community, and will utilize its understanding of the community’s history and values to develop and operate the facility in a manner that employs these characteristics to improve the community’s appeal and promote and revitalize the community on a lasting basis.

It is important that commercial facilities offer “a comfortable feel” as symbolized by a terrace space that is enjoyable and welcoming and that makes people want to visit again and again. Reflecting this “terrace concept” in this project as far as possible, the Group will strive to make the facility an attractive one that meets a greater diversity of needs among local residents.

The Sumitomo Corporation Group has decided to change the facility’s name to “MOMO Terrace” from the grand opening in early summer 2015 as an expression of the idea underlying this project. By retaining the name “MOMO” that has won a place in the hearts of local residents and adding to it the “terrace” concept, the Group’s aim is to renovate/develop the facility to make it the community’s indisputably number-one commercial facility and to revitalize the community as a whole.

More detailed information on tenants, the remodeling plan and other aspects of this project will be made available in future.

Image of entrance to MOMO Terrace after renovation

-Profile of property to be acquired (as of Oct 2014)
Name   MMOMO (MOMO Terrace from early summer 2015)
Location   Yamanoshita 32, Momoyama-cho, Fushimi-ku, Kyoto-shi, Kyoto-fu
Lot area   Approx. 49,500 m2
Total floor area   Approx. 96,100 m2
Store area   Approx. 30,000 m2
No. of stores   Approx. 140
Building scale   Main building: four stories above ground
Amusement building: three stories above ground
Completed   November 1996
Business owner   Sumitomo Corporation
Operation outsourced to   Sumisho Urban Kaihatsu Co., Ltd.
     
-Property transfer/Renovation schedule
Oct 2014   Property handover, 1st phase renovation to begin
Early 2015   Opening after 1st phase renovation, 2nd phase renovation to begin
Early summer 2015   Grand opening after 2nd phase renovation
     
-Sumisho Urban Kaihatsu Co., Ltd.
Location   Harumi 1-8-8, Chuo-ku, Tokyo
Representative   Masaaki Kokubo, President and CEO
Description of business   Planning, development, operation and management of commercial facilities
Capital   100 million yen
Shareholder   Sumitomo Corporation (100%)
Date established   December 16, 1997

<Reference>Overview of “MOMO Terrace” Renovation Plan452 KB/PDF

Inquiries

Corporate Communications Department,
Sumitomo Corporation

TEL:+81-3-5166-3100News Release Contact Form

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