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Sumitomo Mitsui Trust Bank, Standard Life Aberdeen unit to set up JV

Sumitomo Mitsui Trust Bank Ltd. and Aberdeen Standard Investments (Asia) Ltd. agreed to set up a real estate investment joint venture.

The joint venture will target investments in residential assets such as multi-family, student housing, corporate housing and senior housing in mature markets in Asia-Pacific, with a primary focus on Japan, according to a June 4 release.

In addition, Sumitomo Mitsui Real Estate Investment Management Co. Ltd. will provide asset management services for the Japan properties.

Sumitomo Mitsui Trust Bank is a unit of Sumitomo Mitsui Trust Holdings Inc. and Aberdeen Standard Investments (Asia) is a unit of U.K.-based Standard Life Aberdeen PLC.