Mitsubishi Corporation

Press Room

January 7, 2014
Mitsubishi Corporation

Mitsubishi Corporation and UBS launch a UK Real Estate Debt Fund

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 Global AM), a 100% subsidiary of UBS AG (UBS). Including the GBP 50 million seed capital from MC, the fund’s first close was GBP 140 million. MC will send secondees to UBS Global AM 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 Global AM intend to grow the fund with investors from around the world. Target fund size is GBP 500 million.
〔Reference〕
1.Mitsubishi Corporation
(1)    Head Office                     : 3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, Japan
(2)    Business Line                : Mitsubishi Corporation has seven Business Groups which develop operations in the diverse fields of Global Environmental & Infrastructure; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group.
(3)    Representative               : Ken Kobayashi, President and Chief Executive Officer
(4)    Date Established           : 1950
(5)    Number of Employees  : 65,975(consolidated basis, as of March 31, 2013)
 
2.UBS AG
(1)    Head Office                       : Bahnhofstrasse 45,CH-8098 Zurich, Switzerland
(2)    Businesses Line             : Financial Business (Investment Bank,
                                                       Global Asset Management and Wealth Management)
(3)    Representative                : Sergio Ermotti, Group CEO
(4)    Date Established            : 1862
(5)    Number of Employees   : 58,545 (consolidated basis, as at September 30, 2013)
 
【Inquiry Recipient】
Mitsubishi Corporation
TEL:+81-3-3210-3065

Inquiry Recipient

Mitsubishi Corporation
Telephone:+81-3-3210-3065 / Facsimile:+81-3-5252-7705
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