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Japan real estate manager Kenedix to buy 15 pct of Malaysia's AmanahRaya REIT
December 19, 2016 / 5:31 AM / 9 months ago

Japan real estate manager Kenedix to buy 15 pct of Malaysia's AmanahRaya REIT

KUALA LUMPUR, Dec 19 (Reuters) - Japanese real estate asset manager Kenedix Inc will buy 15 percent of Malaysian real estate investment trust AmanahRaya REIT for 86 million ringgit ($19.21 million), the pair said on Monday.

Kenedix will also buy 49 percent of AmanahRaya REIT’s parent for 5.1 million ringgit, they said in a joint statement.

AmanahRaya REIT said it expects the deals to spur growth in its portfolio through acquisitions or asset enhancement.

The REIT manages 13 diversified properties in sectors including hospitality, higher education, corporate office space, industry and retail, with a total book value of over 1 billion ringgit, the statement showed.

Kenedix managed about 1.6 trillion yen ($13.63 billion) worth of Japanese real estate as of December 2015, according to its website.

Nomura advised AmanahRaya on the deal. ($1 = 4.4770 ringgit) ($1 = 117.3700 yen) (Reporting by Liz Lee; Editing by Christopher Cushing)

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