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Mitsubishi UFJ Trust & Banking sets up private REIT

Mitsubishi UFJ Financial Group Inc. unit Mitsubishi UFJ Trust & Banking Corp. established MUFG Private REIT Inc. as part of efforts to enhance the group's real estate management business.

MUFG Private REIT is a privately offered, open-end real estate investment corporation.

Mitsubishi UFJ Trust & Banking subsidiary MU Investments Co. Ltd. started asset management for MUFG Private REIT, which aims to boost its assets to ¥100 billion from approximately ¥13 billion currently. The company plans to build a portfolio consisting of primary and secondary properties sourced through Mitsubishi UFJ Trust & Banking, according to a Sept. 27 release.

The REIT is sponsored by Mitsubishi UFJ Trust & Banking and supported by MUFG Bank Ltd.

As of Sept. 26, US$1 was equivalent to ¥107.66.