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.