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KKR Completes Acquisition of Leading Japanese Real Estate Asset Manager
KKR today announced the closing of the previously announced transaction whereby KKR purchased all the shares of Mitsubishi Corp.-UBS Realty Inc. (“MC-UBSR”), a leading Japanese real estate asset manager.
KKR has completed the acquisition of all of the outstanding shares of MC-UBSR from Mitsubishi Corporation and UBS Asset Management. Going forward, the asset manager, which was previously called MC-UBSR, will operate under the name “KJR Management” (“KJRM”), effective immediately.
Additionally, KKR completed its acquisition of the units in the two funds managed by KJRM, Japan Metropolitan Fund Investment Corporation (“JMF”) and Industrial & Infrastructure Fund Investment Corporation (“IIF”) previously held by Mitsubishi Corporation (collectively, with the purchase of all the shares of MC-UBSR, the “Acquisition”). JMF and IIF will continue to pursue their existing strategies under their existing names. Both Japanese REITs will be managed and supported by the approximately 160 professionals who are expected to continue at KJRM in the existing roles they held at MC-UBSR.
Katsuji Okamoto, Chairman of KJRM, and Naoki Suzuki, President of KJRM, said, “We are excited to embark on the next phase of KJRM’s growth as part of KKR. While our core operations and investment process for JMF and IIF will remain unchanged, we believe KJRM will be able to build on the complementary skills and relationships of each to deliver strong results for the unitholders of our REITs and meet our clients’ investment requirements.”
Hiro Hirano, CEO of KKR Japan and Co-Head of Asia Pacific Private Equity at KKR, said, “We are pleased to welcome this world-class team to KKR. They have built a premier asset management platform in Japan’s REIT market, and we look forward to supporting their growth and success over a long-term horizon.”
The transaction provides KKR’s global real estate business with immediate scale in a large, important market. With the completion of the transaction, KKR’s global real estate platform’s assets under management increases to approximately US$54 billion.
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