Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) and Japan Post Insurance Co., Ltd. ("JPI", Head Office: Tokyo, Director and President, CEO Representative Executive Officer: Tetsuya Senda) have entered into a shareholders agreement and a share subscription agreement to establish a new company to be owned by both companies for the purpose of collaboration in the real estate asset management business. The new company will be established by the end of September 2022.
To establish the new company, Mitsui will invest 51% of the outstanding shares of its asset management business subsidiary, Mitsui & Co., Realty Management Ltd. ("MBRM") to the new company (an intermediate holding company), and JPI plans to underwrite a third-party allocation of new shares of the new company. Mitsui and JPI will each hold 51% and 49% of the outstanding shares of the new company, respectively.
Mitsui has been expanding its real estate asset management business in Japan, including office buildings and logistics facilities, through its wholly-owned subsidiary Mitsui & Co. Asset Management Holdings Ltd. ("MAH") and its group companies. Through this alliance with JPI, MBRM will establish a private real estate fund to accept JPI's capital, aiming to achieve an asset size of several hundred billion yen in the future. The fund will focus on the themes of "Well-being improvement", "Regional and social development" and "Contribution to environmental protection", all of which are important to JPI.
Mitsui and JPI will use this alliance as an opportunity to actively discuss further collaboration strategies, including the joint establishment of new investment management companies that conduct ESG investments, and co-investments in existing investment management companies.
Profile of Japan Post Insurance Co., Ltd.
|Official name||Japan Post Insurance Co., Ltd.|
|Head Office Location||Otemachi Place West Tower 3-1, Otemachi 2chome, Chiyoda-ku, Tokyo 100-8794, Japan|
|Established||October 1, 2007|
|Employees||7,545 (As of March 31, 2022)|
|Business Activities||Life insurance|
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Enhance quality of life”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity