Press Release

Press Release

On the Capital Alliance with ES-CON Japan Ltd., and Chubu Electric Power Acquiring its Shares for ES-CON Japan to become Chubu Electric Power's Affiliate Company- Strengthening the Real Estate Business and Increasing Revenue for the Group as a Whole-

August 28, 2018
Chubu Electric Power Co.,Inc.

Today, Chubu Electric Power has decided to enter into a capital alliance with ES-CON Japan Ltd. (hereafter, "ES-CON Japan"). Chubu Electric Power has acquired shares for ES-CON Japan to become an affiliated company of Chubu Electric Power accounted for by the equity-method to fortify the group's real estate business.

ES-CON Japan is a comprehensive real estate developer listed on the first section of the Tokyo Stock Exchange, selling condominiums and real estate for rent in major cities in the Tokyo metropolitan area, Kansai area and in Fukuoka city. ES-CON Japan as a "life developer" that realizes "wishes" in people's day-to-day lives and home, actively creates communities for the next generation as well as revitalizing existing ones.

Chubu Electric Power leases real estate mainly in the Chubu area. In the "Chubu Electric power Group Management Vision" made public in March of this year, "provision of a new community " was identified as a potential field for new growth. As such, Chubu Electric Power has launched various initiatives using external resources to develop the business in this direction.

ES-CON Japan's real estate knowhow and Chubu Electric Power's deep ties with the local residents will work synergistically in this capital alliance to further promote real estate development in the Chubu region as well as build and revitalize communities. Chubu Electric Power welcomes ES-CON Japan into its group and as it strives to increase the overall group revenue.

Chubu Electric power will continue to respect ES-CON Japan's autonomous and mobile management as a listed company and work on increasing the enterprise value of the group.

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