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Comforia, Activia asset managers wrap up reorganization of new entity

Following a merger deal announcement on Sept. 29, 2016, between the asset managers of Comforia Residential REIT, Inc. and Activia Properties Inc., the new entity, TLC REIT Management Inc., has completed reorganization April 1 and has started new operations.

The merger and acquisition agreement combined TLC Activia Investment Management Inc., TLC Comforia Investment Management Inc. and Broadia Private REIT Inc.'s asset manager, Tokyu Land Capital Management Inc., creating a new entity with more than ¥600 billion in assets under management.

The asset managers said earlier that they expect the reorganization to boost TLC REIT Management's market exposure and give way to more property acquisition opportunities.

As of March 31, US$1 was equivalent to ¥111.40.