Sumitomo Trust, AXA to Create Japan Real Estate Fund

Tokyo, Oct. 19 (Jiji Press)--Sumitomo Trust & Banking Co. <8403>
said Monday it will establish a fund to invest in Japanese real estate
jointly with leading French insurance group AXA.

Sumitomo Trust and the group's AXA Real Estate Investment Managers
intend to set up the fund in the first half of 2010, targeting to raise
equity of some 500 billion yen, the Japanese bank said.
The two companies aim to create a 100-billion-yen fund on a
purchased asset basis, Sumitomo officials said.
The move is designed to meet institutional investors' revived
demand for real estate investment amid the improving financial environment,
they said, adding the fund will invest mainly in commercial buildings in
central Tokyo.