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Mitsubishi Estate eyes 100bn-yen overseas real estate fund

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The East Side of Manhattan is seen at sunrise in New York City.   © Reuters

TOKYO -- Mitsubishi Estate is to create a fund of about 100 billion yen ($880 million) to invest in overseas properties, sources told The Nikkei. The idea is to attract surplus domestic capital investors find themselves with now that the Bank of Japan has introduced a negative interest rate.

     Mitsubishi Estate plans to collect capital from domestic institutional investors such as pension funds and life insurers and to invest it in prime office buildings and commercial facilities in major U.S. and European cities, according to the sources.

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