Mitsubishi Estate to Expand Fund Business Tapping Pensions
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Mitsubishi Estate Co., Japan’s largest developer by market value, plans to expand a property fund that targets pension investors to help boost its asset-management business.
The company aims to increase the size of an open-ended fund, or private real estate investment trust, to as much as 500 billion yen ($6.4 billion) from about 30 billion yen within the next 10 years, said Tetsuji Arimori, president of Mitsubishi Jisho Investment Advisors Inc., the Tokyo-based asset management unit of Mitsubishi Estate. The asset manager will buy properties from its parent and other real estate owners, he said.