TOKYO (AFX) - Mitsubishi Corp will buy a 17 pct stake in US real estate developer Fairfield Residential LLC for 45 mln usd, or about 5.4 bln yen, the Nikkei reported, without citing sources.
Fairfield owns 50,000 homes on the East and West Coasts, as well as in the Southeast, making it one of the top 10 rental residential property developers in the US, the business daily said.
Mitsubishi has worked with Fairfield on more than 40 projects since the 1990s, it said.
(1 usd = 121.55 yen)
yasuhiko.seki@xfn.com