UBS AG: UBS Asset Management to sell its holding in its Japanese real estate joint venture, Mitsubishi Corp.-UBS Realty Inc to KKR
17 March 2022 - 6:00PM
UK Regulatory
TIDM0R3T
UBS AG (NYSE:UBS) (SWX:UBSN)
Ad hoc announcement pursuant to Article 53 of the SIX Exchange
Regulation Listing Rules
UBS Group and UBS AG ("UBS") today announced that UBS Asset
Management has agreed with its joint venture partner, Mitsubishi
Corporation, to sell Mitsubishi Corp.-UBS Realty Inc. ("MC-UBSR")
to KKR & Co. Inc ("KKR"). The transaction is expected to close
in April 2022, subject to required filings and regulatory
approvals.
MC-UBSR was established in 2000 in the initial days of the
J-REIT market as a joint venture between Mitsubishi Corporation and
UBS Asset Management's Real Estate & Private Markets business.
MC-UBSR has grown into one of the largest real estate asset
management companies in Japan today. MC-UBSR manages two Tokyo
Stock Exchange-listed J-REITs -- Japan Metropolitan Fund Investment
Corporation (JMF) and Industrial & Infrastructure Fund
Investment Corporation (IIF) -- with total assets under management
of approximately USD 15 billion.
KKR is committed to further developing the MC-UBSR business,
while ensuring continuity with the existing strategy, and is
committed to leveraging its network and global resources to create
value for JMF and IIF unitholders.
Suni Harford, President of UBS Asset Management, said; "In
partnership with Mitsubishi Corporation, we are proud to have
developed MC-UBSR into a leading real estate platform in Japan. We
are confident that KKR is well placed to take this business forward
and wish the MC-UBSR team every success for the future. The
Japanese market remains a cornerstone of our Real Estate &
Private Markets business in Asia Pacific, and we remain focused on
serving the needs of our clients and capturing growth opportunities
in this strategically important region. Through our rapidly growing
real estate investment unit, UBS Japan Advisors, we will continue
to advise our clients on Japanese property investments."
UBS Investment Bank acted as exclusive financial advisor to UBS
Asset Management, Mitsubishi Corporation and MC-UBSR on the
transaction.
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00
www.ubs.com/media
Cautionary Statement Regarding Forward-Looking Statements | This
media release contains statements that constitute "forward-looking
statements, " including but not limited to management's outlook for
UBS's financial performance, statements relating to the anticipated
effect of transactions and strategic initiatives on UBS's business
and future development and goals or intentions to achieve climate,
sustainability and other social objectives. While these
forward-looking statements represent UBS's judgments, expectations
and objectives concerning the matters described, a number of risks,
uncertainties and other important factors could cause actual
developments and results to differ materially from UBS's
expectations. For a discussion of the risks and uncertainties that
may affect UBS's future results please refer to the "Risk Factors"
and other sections of UBS's most recent Annual Report on Form 20-F,
quarterly reports and other information furnished to or filed with
the US Securities and Exchange Commission on Form 6-K, and the
cautionary statement on the last page of this presentation. UBS is
not under any obligation to (and expressly disclaims any obligation
to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
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CONTACT:
UBS AG
SOURCE: UBS AG
Copyright Business Wire 2022
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