Sumitomo Mitsui to buy majority stake in property manager Kenedix - Nikkei (updated)

Mitsubishi HC Capital

20/11/2020 07:33

(Adds details on stake sale, background)
    TOKYO, Nov 20 (Reuters) - Sumitomo Mitsui Finance and
Leasing Co  SUMFL.UL  will buy a majority stake in Japanese
property investor Kenedix Inc  4321.T  through a pubic tender
offer in a deal worth about 100 billion yen ($960 million), the
Nikkei reported on Friday. 
    Sumitomo Mitsui, a leasing unit of Sumitomo Financial Group
Inc  8316.T , is looking to expand its property business through
the acquisition, the newspaper report said, without disclosing
further details on the stake sale. 
    Kenedix has 2.5 trillion yen worth of assets under
management, the largest among Japan's independent property
funds, according to Nikkei. 
    The acquisition bid, which Nikkei says will be announced as
early as Friday, comes shortly after Mitsubishi UFJ Lease
 8593.T  agreed to acquire smaller rival Hitachi Capital Corp
 8586.T  in September.  urn:newsml:reuters.com:*:nL3N2GL1FQ  
    Sumitomo Mitsui Finance is half owned by Sumitomo Mitsui
Financial Group and the other half by Sumitomo Corp  8053.T . 
         
    ($1 = 103.7600 yen)

 (Reporting by Junko Fujita and  Chang-Ran Kim, Editing by
Sherry Jacob-Phillips)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228;))