TOKYO -- Japan's Sumitomo Mitsui Finance and Leasing will acquire ARA Asset Management's private funds business under plans announced Monday, with an eye on accelerating property-related investments in Asia and Australia.
Singapore-based ARA is carving out its private fund operations as a new company called ARAvest. SMFL units SMFL Mirai Partners (Singapore) and Kenedix will acquire 70% and 30% of ARAvest for a total of $270 million.
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