Tokyo-based Diamond Realty Management (DREAM), a wholly owned subsidiary of Mitsubishi Corp., has closed a ¥10.2 billion private mezzanine debt fund. The fully seeded, closed-end vehicle is the first real estate mezzanine debt fund managed by DREAM.

The fund’s investors include Mitsubishi Corp. and other major Japanese financial institutions, institutional investors and pension funds.

The fund is composed of four mezzanine debts. The collateral properties comprise a residential property portfolio, retail buildings and a shopping mall all located in Tokyo or in the Tokyo metropolitan area with demonstrated stable performance and cash flow.

Since its establishment in 2004, DREAM has closed seven private real estate funds catering to both local and global institutional investors. DREAM has total assets und