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Friday, January 27, 2023

KKR (NYSE: KKR) Finalizes Acquisition of Mitsubishi Corp-UBS Realty

KKR & Co. Inc. (NYSE: KKR) confirmed that it has finalized earlier declared transaction whereby KKR bought all the shares of Mitsubishi Corp.-UBS Realty Inc. (MC-UBSR) which is a prominent Japanese real estate asset manager. The company disclosed that it has finalized the acquisition of all of the outstanding shares of MC-UBSR from Mitsubishi Corporation and UBS Asset Management.

Previously, KKR & Co. Inc., Mitsubishi Corporation, UBS Group, and UBS AG agreed to a strategic transaction in which a KKR subsidiary will buy all of the outstanding shares of Mitsubishi Corp.-UBS Realty Inc. (MC-UBSR) from Mitsubishi and UBS Asset Management in an all-cash transaction worth JPY230 billion (US$2 billion).

MC-UBSR is one of Japan’s most prominent real estate asset managers. MC-UBSR is a pioneer in the Japanese real estate investment trust (J-REIT) category, having been founded in 2000 as a joint venture between Mitsubishi and UBS-AM. With JPY1.7 trillion (US$15 billion) in assets under management, it is one of Japan’s major real estate asset managers. The company employs about 170 people who are responsible for two REITs listed on the Tokyo Stock Exchange: Japan Metropolitan Fund Investment Corporation and Industrial & Infrastructure Fund Investment Corporation.

According to Hiro Hirano, CEO of KKR Japan and Co-Head of Asia Pacific Private Equity at KKR, “We are delighted to have this world-class team join us at KKR. They have established a leading asset management platform in Japan’s REIT industry, and we look forward to assisting them in their long-term growth and success.”

KKR’s worldwide real estate company gains rapid scale in a significant, important market as a result of the deal. The transaction brings the total assets under management of KKR’s worldwide real estate platform to about US$54 billion.

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