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Merger of 3 J-REIT managers to create ¥600B entity

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Merger of 3 J-REIT managers to create ¥600B entity

ActiviaProperties Inc. said that it and Comforia Residential REIT Inc.'s asset managers agreedto merge in a deal that will create an entity with more than ¥600 billion inassets under management.

The merger and acquisition agreement will combine TLCActivia Investment Management Inc., TLC Comforia Investment Management Inc. andTokyu Land Capital Management Inc. TLC Comforia previously agreed on anabsorption-type split with Tokyu Land, which was completed Sept. 29. Tokyu Landis the manager of Broadia Private REIT Inc.

TLC Comforia will be the surviving entity in the merger, andit will be renamed TLC REIT Management Inc., effective April 1, 2017, accordingto a filing.

The asset managers expect the reorganization to boost TLCREIT Management's market exposure and give way to more property acquisitionopportunities.

To prevent conflicts of interests, TLC REIT Management alsodevised a proposed order of prioritized consideration when it comes to propertyacquisitions. Under the order, Activia Properties will have first dibs onoffice and retail properties, Comforia Residential will be prioritized forrental residences and serviced rental residences, and Broadia Private REIT willget sole consideration for logistics properties.

TLC Activia's shareholders will convene Nov. 1 to vote onthe merger, which is expected to be completed April 1, 2017. Because theagreement is for an absorption-type merger, TLC REIT Management does not haveto allocate shares as consideration.  

As of Sept. 29, US$1was equivalent to ¥101.59.