Thursday 17th of March 2022 01:01:14 AM

UBS Asset Management agrees to divest its stake in Mitsubishi Corp -UBS Realty Inc to KKR

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• UBS Group and UBS AG (NYSE:UBS) says that UBS Asset Management has agreed with its JV partner, Mitsubishi Corporation, to sell Mitsubishi Corp.-UBS Realty Inc. to KKR & Co. Inc.
• The deal is expected to close in April 2022.
• The transaction concludes the successful 20-year joint venture between Mitsubishi Corporation and UBS Asset Management’s Real Estate & Private Markets business in Japan.
• UBS expects to record a gain in Asset Management and a CET1 capital increase related to the sale of approximately USD 0.9 billion upon close of the transaction, expected to be in April 2022
• UBS’s asset management, wealth management and investment banking businesses operating in Japan are not affected by the sale.

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