Mitsubishi Corp.?s subsidiary, Diamond Realty Management Inc., a private real estate asset manager in Japan, announced the start of its open-end real estate fund called DREAM Private REIT (DPR) that initially consists of three real estate assets with a size of about 31.7 billion yen or $402 million.
Open-end real estate fund or private REIT is a type of financial product that is different from closed-end funds in the sense that there is no end to the fund term. Since it is not listed, the investment value is not affected or influenced by the fluctuations of the capital markets.
According to reports, the fund will help in the expansion of the companies? private equity real estate business. The properties acquired and developed by Mitsubishi Corp., may serve as potential assets for DPR, whose size is expected to reach around 150 billion yen or 1.90 billion in a span of three years and 250 billion yen or $3.17 billion in five years.
DPR is the first private REIT in Japan that will focus on retail and the logistics market. DPR will acquire properties set on locations occupied by tenants that generate stable income streams. It is also geared towards pension funds or institutional investors that look for long-term investment options. DPR offers new investment opportunities that will also give stable returns.
DREAM, the asset manager of DPR, started in 2004 and has since then, built several closed-end funds with equity investments from foreign and local institutional investors. DREAM is now the largest real estate asset manager sponsored by a general trading company in the country.
Original article: 4-TradersPhoto credits: investing4metoday?Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
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