AsiaNet 68322 TOKYO, Apr. 27, 2017 /Kyodo JBN-AsiaNet/ --   Diamond Realty Management Inc. ("DREAM"), a 100%-owned subsidiary of Mitsubishi Corporation ("MC"), announced on April 27 that it has launched a development fund in the U.S., dubbed "DREAM US Fund." The launch of the "DREAM US Fund" represents the first outbound overseas fund-raising offered to Japanese domestic investors by DREAM. DREAM will robustly pursue cross-border transactions, including making this "DREAM US Fund" into the fund series. Being a member of the MC Group enables DREAM to be a competent global and local asset manager in Japan and globally. The "DREAM US Fund" will co-invest in multi-family and logistics development projects (for less than 49% interests) in the U.S. which have been undertaken by DREAM's sister company, Diamond Realty Investments Inc. ("DRI"), a U.S.-based real estate investment company. DRI is a 100%-owned subsidiary of MC Americas. DREAM will act as an asset manager for the Fund. With total equity commitment of US$51 million from Japanese institutions, the Fund will invest in three development projects. The Fund has a life of 4 years and plans to exit through third-party sale of properties after the three development projects' completion and lease-up reaching stabilized occupancy levels. The total cost of the projects is approximately US$250 million, which will consist of two multi-family development projects (located in Texas and Colorado) and one logistics development project (located in California). (Image1: Dallas, Texas http://prw.kyodonews.jp/prwfile/release/M104168/201704241179/_prw_PI1fl_tlvIf02Q.png) (Image2: Westminster, Colorado http://prw.kyodonews.jp/prwfile/release/M104168/201704241179/_prw_PI2fl_70trkslt.png) DREAM plans other multiple overseas initiatives, including a series of the Fund. DREAM will continue to leverage the MC Group's global network and local expertise, and offer diverse high-quality products to its investors. (Reference) 1. Mitsubishi Corporation (1) Head Office: 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan (2) Businesses: MC is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse businesses range from natural resource development to investment in retail business, infrastructure, financial products and the manufacturing of industrial goods. (3) Representative: Takehiko Kakiuchi, President and Chief Executive Officer (4) Established: 1950 (5) Number of employees: 68,247 (consolidated basis, as of March 31, 2016) 2. Diamond Realty Investments Inc. (1) Head Office: 5215N. O'Connor Boulevard, Suite 670, Irving, TX 75039, USA (2) Representative: Zack Zaizen (seconded from Mitsubishi Corp.) (3) Established: 1994 (4) Number of employees: 24 (as of March 31, 2016) About Diamond Realty Management Inc. - Head Office: 16-1, Hirakawacho 2-chome, Chiyoda-ku, Tokyo, Japan - Businesses: Real estate asset management/advisory services - Representative: Takashi Tsuji, President and Chief Executive Officer - Established: 2004 - Number of employees: 70 (as of March 31, 2017) (Notes) - This press release does not fall under the category of advertisements or the like defined by the Financial Instruments and Exchange Act. - This press release is not aimed at providing investment and fund management services or soliciting investors to buy specific financial instruments. Furthermore, Diamond Realty Management does not use this press release to solicit investors to buy funds or other financial instruments carried in this document. - Diamond Realty Management does not guarantee or promise that descriptions in this press release estimating, predicting or projecting on future matters or expressing views will accord with actual results. SOURCE: Diamond Realty Management Inc.   --BERNAMA