Mitsubishi Corporation is to launch a new real estate debt fund focused on the UK market, managed through a joint venture between MC Asset Management Europe (MCAME) and UBS Global Asset Management (UBSGAM). Including the £50 million seed capital from MC, the fund's first close was £140 million. MC will send secondees to UBSGAM to jointly manage the fund. The fund is a closed-ended debt fund seeking to take advantage of the debt financing gap in commercial real estate in the UK. 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. Both MCAME and UBS GAM intend to grow the fund with investors from around the world. Target fund size is £500 million.