Sumitomo Mitsui leasing unit to buy property manager Kenedix for $1.3b

Sumitomo Mitsui Finance and Leasing Co has agreed to buy a majority stake in Japanese property investor Kenedix Inc for 132 billion yen ($1.3 billion) to expand its property business, the companies said on Friday.

Sumitomo Mitsui Finance, a leasing unit of Sumitomo Financial Group Inc, aims to buy a 70% stake in Kenedix, a joint statement issued by the two companies said.

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