Mitsui Fudosan Starting British Library Redevelopment Project

London, Sept. 21 (Jiji Press)--Mitsui Fudosan Co. on Monday held a groundbreaking ceremony for a redevelopment project at the British Library in central London.

The total project cost will reach about 1.1 billion pounds, marking the largest investment in Europe for the major Japanese real estate developer.

The library, which has one of the largest collections of books in the world, is located in an area with good transportation access, and the British government aims to create a new base there for drugmakers and other medical-related firms.

In the project, a new complex with 11 stories above ground and one below will be constructed within the premises of the British Library. The new building, slated to be completed in 2032, will include areas for library events and rental laboratories.

Major drugmakers and artificial intelligence-related companies have their bases in the area, which is close to King's Cross Station, one of the busiest train stations in Britain, as well as a station for Eurostar international high-speed trains linking Britain and continental Europe, and has easy access to Cambridge and Oxford, where prestigious universities are located.

[Copyright The Jiji Press, Ltd.]