Is the following true?

> Let $\mathcal N \subset \mathcal M$ be a subfactor. There is a bijective correspondence between the ultraweakly closed subspaces of $\mathcal M$ that are bimodules over $\mathcal N'\cap \mathcal M$, and the ultraweakly closed subspaces of $\mathcal N$.

If the statement is false, is there a simple way to modify it to make it true? I am particularly interested in the case that $\mathcal M$ is of type $\mathrm I$.

If $\mathcal V \subseteq \mathcal N$ is ultraweakly closed, then $\mathcal V (\mathcal N' \cap \mathcal M)$ is a bimodule over $\mathcal N'\cap \mathcal M$. If the subfactor admits a conditional expectation, then this function is injective.