UBS and Mitsubishi have combined to create a new GBP 500m real estate fund for investments into UK commercial properties. It will be managed by a joint venture between MC Asset Management Europe, a 100 percent subsidiary of Mitsubishi and UBS Global Asset Management. Including the GBP 50m in seed capital from Mitsubishi Corp, the fund’s first close was 140 million pounds.
“The fund is a closed ended debt fund seeking to take advantage of the debt financing gap in commercial real estate in the UK,” Mitsubishi said in a statement. “It will target a wide range of potential borrowers including those needing to refinance their maturing loans and new borrowers seeking to invest in the UK commercial property market.”
