The company may list the real estate investment trust in Tokyo in April, said the people, who declined to be identified because the information is private. The properties to be included in the REIT are mainly located in Tokyo, they said.
The IPO would be the first for a Japanese REIT since Industrial & Infrastructure Fund Investment Corp. (3249) sold shares in October 2007. The Tokyo Stock Exchange REIT Index has gained 17 percent since the Bank of Japan (8301) said it added 10 trillion yen to an asset-purchase program on Feb. 14.
The monetary easing will help boost land prices in the six major cities by 10 percent, according to Tokyo-based Yoji Otani, an analyst at Deutsche Bank AG. Takanori Sugiyama, Kenedix Tokyo-based spokesman, declined to comment on the IPO.
Global Logistic Properties Ltd. (GLP), a unit of the Government of Singapore Investment Corp., is also preparing an initial public offering of its Japanese warehouse assets that may raise about $1 billion, said three people with knowledge of the matter earlier this month.
To contact the reporters on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net; Katsuyo Kuwako in Tokyo at kkuwako@bloomberg.net
To contact the editors responsible for this story: Philip Lagerkranser atlagerkranser@bloomberg.net; Andreea Papuc at apapuc1@bloomberg.net
| TIME | |||||
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