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Mitsubishi Estate Raises $143 Million to Buy REIT Assets

Mitsubishi Estate Co., Japan’s largest developer by market value, raised 11.2 billion yen ($143 million) to buy four properties in Tokyo for its private real estate investment trust.

Mitsubishi Jisho Investment Advisors Inc., an asset management arm of Mitsubishi Estate, bought one office building and three apartments in Tokyo for the open-ended fund, President Tetsuji Arimori said. About 75 percent of the new money raised for the acquisitions was from pensions, while the rest came from institutional investors, he said.