Rakuten Mobile has announced it expects to raise up to $2 billion in funds through the sale and leaseback of part of its network to a consortium led by Macquarie Asset Management.

The Japanese telco said it will raise between 150 billion to 300 billion Japanese yen (around $1-2bn) from the sale.

The consortium of global infrastructure investors, also includes British Columbia Investment Management Corporation, via the Macquarie Asia-Pacific Infrastructure Fund 3.

Rakuten said that it will continue to manage and operate these mobile network assets, while the funds will be used for working capital and mobile capex.

The carrier noted it will reveal the final amount it has raised in due course. The lease period is set to run for 10 years.

Rakuten also didn't specify what assets it was transferring as part of the sale and leaseback.

“I am delighted to announce this innovative partnership with Macquarie Asset Management, one of the world's leading infrastructure investors," said Mickey Mikitani, chairman and CEO of Rakuten Group.

"They strongly believe in our vision for the future, and together, we've made our financial foundation even stronger. Rakuten Mobile is already well on its way to profitability, and with our new initiative, we will continue to build on this momentum as we aim to reach profitability even faster and become the top mobile carrier in Japan.”

Since launching in 2018, Rakuten has invested heavily in its mobile business. The telco recently reached seven million customers on its mobile network.

The carrier is Japan's newest mobile network operator and the country's fourth largest, after NTT Docomo, KDDI, and SoftBank.