Sumitomo Mitsui Trust Bank Partners with Keikyu to Form Private REIT
Sumitomo Mitsui Trust Bank has partnered with Keikyu Corporation to establish a private Real Estate Investment Trust (REIT). This collaboration aims to utilize Sumitomo Mitsui's expertise in real estate and Keikyu's development skills to create a stable REIT in the "Growth Triangle Zone" of Shinagawa, Haneda, and Yokohama. The bank plans to invest and send specialists to Keikyu Asset Management, targeting an asset under management of over 100 billion yen, supporting Japan's asset management growth.
Sumitomo Mitsui Trust Bank, Limited, a subsidiary of Sumitomo Mitsui Trust Group Inc., has entered into a Master Agreement with Keikyu Corporation to promote the formation of a private Real Estate Investment Trust (REIT). The initiative aims to leverage Sumitomo Mitsui Trust Bank's extensive expertise in real estate brokerage, investment, asset management, and custody, alongside Keikyu's real estate development and management skills. The collaboration focuses on establishing a comprehensive private REIT for long-term stable operations in the "Growth Triangle Zone," connecting Shinagawa, Haneda, and Yokohama. Sumitomo Mitsui Trust Bank plans to invest in and dispatch specialists to Keikyu Asset Management Co., Ltd., aiming for a future asset under management (AUM) of over 100 billion yen. This effort aligns with Sumitomo Mitsui Trust Group's broader goal of fostering sustainable growth through asset management and contributing to Japan's vision of becoming a leading asset management center.
