Japan’s Mori Trust plans $8bn diversification after Park Avenue buy

TOKYO — Japanese property developer Mori Trust is looking to diversify its real estate investments after the high-profile acquisition of a stake in a New York commercial tower, branching into places such as the U.K., Australia and Southeast Asia, while also increasing its offerings for the ultrawealthy.

The company on Monday said it expects to invest 1.2 trillion yen ($8 billion) between April 2023 and March 2031 as part of a new business plan covering the period through fiscal 2030.