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Property

Mitsubishi Estate to double flagship overseas fund to $9bn

Global property investments to be centrally managed

A Mitsubishi Estate property in Tokyo: The real estate developer has slightly over 1.5 trillion yen in overseas assets under management. (Photo courtesy of the company)

TOKYO -- Mitsubishi Estate will bring international property management units under the control of a single entity, aiming to attract institutional investors and double the size of its flagship overseas real estate fund.

The goal is to grow the Tokyo-based company's mainstay low-risk, long-term fund -- which now has roughly 500 billion yen ($4.57 billion) in properties under management in the U.S., Europe and Asia -- to 1 trillion yen over the next several years.

Currently, international arms such as U.S. unit TA Realty, Europa Capital Group of the U.K. and CLSA Real Estate in Hong Kong raise money chiefly from local investors and manage funds in their regions.

Going forward, a holding company to be formed in January will oversee these units and offer global investors a wide lineup of products from different parts of the world. It will also partner with Mitsubishi Jisho Investment Advisors, which targets properties in Japan.

The new structure means a shift from the current setup. Subsidiary Rockefeller Group, acquired in 1990, has been the main caretaker of Mitsubishi Estate's overseas fund business since the New York-based company went belly up and sold off most of its properties. Rockefeller Group, for example, was the buyer of TA Realty and Europa Capital.

Mitsubishi Estate has slightly over 1.5 trillion yen in overseas assets under management.

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