Toyosu Sail Park Building Site Visit: High Quality Project Incorporating New Initiatives Throughout

研报英文原文证据摘录

Toyosu Sail Park Building Site Visit: High Quality Project Incorporating New Initiatives Throughout

Update

June 16, 2026 11:04 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMitsubishi Estate (8802) | Japan Toshiyuki Anegawa

Equity Analyst

Toyosu Sail Park Building Site Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914

Visit: High Quality Project

Incorporating New Initiatives

Mitsubishi Estate (8802.T, 8802 JT)

Real Estate | Japan

Throughout Stock Rating Overweight

Industry View In-Line

Price target ¥6,350

On 16 June, we visited the Toyosu 2–3 Chome area’s final large scale redevelopment Shr price, close (Jun 16, 2026) ¥4,185

project, the Toyosu Sail Park Building, jointly developed by Mitsubishi Estate and IHI. Mkt cap, curr, basic (bn) ¥5,074.7

Avg daily trading value (bn) ¥14.2

The building, completed in June last year, is a large-scale mixed-use office with total

floor space of 26,500 tsubo and typical floor plates of around 1,275 tsubo. It

integrates work, living, leisure, and learning through facilities such as an incubation

center, a shared corporate dormitory with a farm, and medical and retail

facilities.The incubation facility and related functions generate revenue while also

contributing to the acquisition of floor area ratio bonuses. With construction costs

rising recently, the benefits of these bonuses have diminished, making this one of

the last projects in the area to benefit meaningfully. In Toyosu, major developments

are now largely complete with this project, and we expect scarcity to increase going

forward amid supply constraints. Recent rent levels appear to be in the high

¥20,000 range per tsubo per month, and declining vacancy in central Tokyo is

driving inflows in demand, supporting the uptrend. The building adopts a simple yet