Mitsui Fudosan Co. plans to raise as much as ¥324.6 billion in the biggest share sale by a property company in Japan in at least four decades.

The proceeds will be used for real estate development, as the company sees opportunities ahead of the planned Tokyo Olympics in 2020, Mitsui Fudosan said Tuesday in a filing with the Finance Ministry.

It will sell up to 110 million shares, Japan's biggest real estate developer said in a separate release through the stock exchange.