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It added that Singapore-based ARA Real Estate Investors, Kenedix’s top shareholder, is planning to boost its stake to 30%.
“Sumitomo Mitsui Financial has positioned property business as core for our sustainable growth and bigger corporate value, and we have been trying to strengthen this business,” the leasing company said.
Kenedix has 2.5 trillion yen of assets under management, and is one of the most powerful independent property asset managers in Japan, according to the statement.
Sumitomo Mitsui Finance will offer 750 yen per share to Kenedix shareholders through a public tender offer, a 14.5% premium to Friday’s close of 655 yen.
($1 = 103.7600 yen)
Reporting by Junko Fujita and Chang-Ran Kim; Editing by Sherry Jacob-Phillips and Jan Harvey
Our Standards: The Thomson Reuters Trust Principles.
