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Property

Mitsubishi Estate fund joins key US real estate index

Japanese developer rubs shoulders with American and European asset managers

The Manhattan skyline from the Empire State Building: Mitsubishi Estate is working to expand its overseas real estate fund business.   © Reuters

TOKYO -- A property fund affiliated with Japan's Mitsubishi Estate has been included in a leading U.S. real estate investment index, in a first for an Asian asset manager.

The fund, oriented toward institutional investors and managed by U.S.-based TA Realty, joined the NFI-ODCE in the April-June quarter.

Inclusion in the index is expected to broaden access to pension funds and other institutional investors.

The milestone comes after Mitsubishi Estate -- known for its holdings in Tokyo's Marunouchi business district and its bubble-era purchase of New York's Rockefeller Center -- set up a new company in January to expand its overseas real estate fund business.

Japan's most valuable listed property developer brought TA Realty under its umbrella in 2015 and has made a series of asset manager acquisitions in Europe and Asia.

The index, formally known as the NCREIF Fund Index -- Open End Diversified Core Equity, is published by the National Council of Real Estate Investment Fiduciaries and comprises about 20 components from U.S. and European asset managers.

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