KKR & Co has agreed to acquire a Japanese real-estate joint venture between Mitsubishi Corp and UBS Group AG for $2 billion, it said on Thursday.
KKR said the acquisition will further enhance its presence in Japan and expand its global real estate business.
KKR said the joint venture, known as Mitsubishi Corp-UBS Realty Inc., is one of the largest real-estate asset managers in Japan, with $15 billion in assets under management.
The company manages two Japanese real-estate investment trusts: Japan Metropolitan Fund Investment Corp and Industrial and Infrastructure Fund Investment Corp.
Hiro Hirano, Co-Head of Asia Pacific Private Equity at KKR, said, “Asset Managers have an excellent track record of serving investors in REIT offerings. We look forward to working with and supporting a team that has helped investors and investors.” Such good service has been given to him.” ,
Mitsubishi said it will sell its 51% stake in the joint venture to the KKR unit, while UBS Asset Management will sell the remaining 49% stake.
The Japanese trading firm said the transaction is expected to be completed in April.
This story has been published without modification to the text from a wire agency feed
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