August 20, 2014 1:00 pm JST

Kenedix aims for listing of retail REIT by March 2015

TOKYO -- Kenedix decided on a policy to establish a REIT with retail facilities as the main investment target and organized the planning office on August 7, 2014. Kenedix aims to list the REIT by March 2015, and in the meantime will keep track of market trends. Kenedix Real Estate Fund Management based in Chuo-ku, Kenedix's 100% subsidiary, will be the asset management company.

     After listing, the REIT's asset size is planned to be expanded to 200 billion yen [$1.9 billion] over the medium-term. The assets incorporated in the REIT will be retail facilities frequently visited by consumers and located in residential areas or in front of stations, but the details have not been disclosed. Kenedix owns retail facilities such as Mona Shin-Urayasu, Daikanyama Address and Roseo Mito as of August 2014.

     Kenedix Group already operates three listed REITs: Kenedix Office REIT, whose investment targets are mid-sized office buildings; Kenedix Residential REIT, which invests in rental apartments; and REIT Japan Logistics Fund, which targets logistics facilities, etc. Kenedix is also working with Shinsei Bank and others on the listing of a healthcare REIT.

(Nikkei Real Estate Market Report, Aug. 11 edition)