Mitsubishi Corporation and UBS Launch a UK Real Estate Debt Fund
Tokyo, Jan 7, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased
to announce the launch of a new real estate debt fund focused on the UK market,
managed by a joint venture between MC Asset Management Europe (MCAME), a 100%
subsidiary of MC and UBS Global Asset Management (UBS GAM), a 100% subsidiary
of UBS A.G. (UBS). Including the GBP 50 million seed capital from MC, the
fund's first close was GBP 140 million. MC will send secondees to UBSGAM
to jointly manage the fund.
In 2000, MC and UBS established a joint venture, MC-UBS Realty Management in
Japan. Jointly we grew the company which now manages the second largest REIT in
Japan. The new fund project is backed by this longstanding successful
relationship between MC and UBS, and we are looking to expand the scope of our
cooperation into a more global scale. Although MC has focused on the domestic
real estate market, it is now intending to expand its asset management business
to foreign real estate and other real assets.
The fund is a closed ended debt fund seeking to take advantage of the debt
financing gap in commercial real estate in the UK. It will target a wide range
of potential borrowers including those needing to refinance their maturing
loans and new borrowers seeking to invest in the UK commercial property market.
UK real estate debt market has an established reputation in terms of
transparency, liquidity and lender-friendly legal system.
Both MCAME and UBS GAM intend to grow the fund with investors from around the
world. Target fund size is GBP 500 million.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Telephone:+81 3 3210 2171
Facsimile:+81 3 5252 7705
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
Provider ID: 00028486
Press spacebar to pause and continue. Press esc to stop.