The Japanese trading house, Mitsubishi, says it has agreed to form an alliance with Switzerland's largest financial group, UBS, in Japan's real estate investment trust (REIT) market.This content was published on August 25, 2000 - 12:32
A Mitsubishi spokesman on Friday said the two firms were considering establishing an investment advisory firm in November. He added that the firm aimed to raise about 100 billion yen ($954 million) in funds to invest in commercial real estate such as shopping centres.
Mitsubishi would take a 51 per cent stake in the venture, with UBS Asset Management Company holding the remainder.
The spokesman added that the investment advisory firm would likely start operating the funds in April, aiming to provide a five to ten per cent annual return.
REITs are expected to be available later this year in Japan and offer investors the chance to profit if Japanese property prices rebound from a slide over the past 10 years.
swissinfo with agencies
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