P.M. BRIEFING : Mitsubishi to Join St. Paul’s Plan
Japan’s Mitsubishi Estate Co., which bought New York’s Rockefeller Center last October, will join two other concerns in a major redevelopment project at London’s Paternoster Square, a company spokesman said today.
The project, to begin in the summer of 1991, is expected to cost $1.2 billion before completion in the autumn of 1994.
Joining Mitsubishi in the office and retail development project, next to historic St. Paul’s Cathedral, will be Britain’s Greycoat and Park Tower Realty of the United States.
The three companies, which have invested an equal amount of equity capital in the Paternoster Square project, will have access to long-term financing made available by an affiliate of Mitsubishi, the spokesman said.
Spokesmen said the group plans to redevelop the 4.2-acre site with buildings of “excellence and sensitivity to the importance of the setting.”
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