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.

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 the 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.

The bid comes shortly after Mitsubishi UFJ Lease agreed to acquire smaller rival Hitachi Capital Corp <8586.T> in September.

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.

Sumitomo Mitsui Finance is half-owned by Sumitomo Mitsui Financial Group and the other half by Sumitomo Corp.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.