KKR & Co. to buy Japan real-estate manager for $2 billion

Industry:    

KKR & Co. has agreed to acquire a Japanese real-estate joint venture between Mitsubishi Corp. and UBS Group AG for $2 billion, it said Thursday.

KKR said the acquisition will deepen its presence in Japan and expand its global real-estate business.

The joint venture, known as Mitsubishi Corp.-UBS Realty Inc., is one of the largest real-estate asset managers in Japan with $15 billion in assets under management, KKR said.

The company manages two Japanese real-estate investment trusts: Japan Metropolitan Fund Investment Corp. and Industrial & Infrastructure Fund Investment Corp.

The asset manager has “an excellent track record of serving investors across its REIT offerings,” said Hiro Hirano, Co-Head of Asia Pacific Private Equity at KKR. “We look forward to working with and supporting a team that has served investors so well.”

Mitsubishi said it would sell its 51% stake in the joint venture to a KKR unit, while UBS Asset Management will sell the remaining 49% stake.

The Japanese trading company said the transaction is expected to be completed in April.

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