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Japanese consortium to form ¥25B tourism-focused fund

A ¥25 billion tourism-focused fund is set to take shape in April, the Nikkei Asian Review reported.

The fund will be set up by a consortium of 60 Japanese companies, including the Bank of Tokyo-Mitsubishi UFJ Ltd., Japan Airlines Co. Ltd. and homebuilder Sekisui House Ltd. Thirty regional banks, Meiji Yasuda Life Insurance Co. and property-focused companies such as Mitsubishi Estate Co. Ltd. and Daiwa Real Estate Appraisal are also financiers of the platform.

The vehicle will invest in aging hotels in need of a facelift, old-style Japanese inns and homes, and private rentals. According to the report, the companies are looking to profit from the burgeoning Japanese tourism industry.

The fund will have a 10-year term and will target a roughly 6% annual return. The platform is expected to invest in projects worth an aggregate ¥100 billion, with individual investments expected to range from tens of millions of yen to up to ¥5 billion.

A joint venture to operate the platform will be formed at the end of February, the publication added.

As of Feb. 23, US$1 was equivalent to ¥106.64.