Mitsubishi’s Unit to Raise 15 Billion Yen for Property Loan Fund
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Diamond Realty Management Inc., a unit of Japan’s biggest trading house, aims to raise as much as 15 billion yen ($194 million) for a fund that provides loans for property acquisitions and refinancing in the country.
The unit of Mitsubishi Corp., which has 330 billion yen in assets under management, plans to complete the fund raising from institutional investors in Japan by the end of March 2012, said Naoshi Ogikubo, president and chief executive officer of Tokyo-based Diamond Realty. The fund will target annual return of about 6 percent, he said.