March 11, 2024
Sumitomo Mitsui Finance and Leasing Company, Limited
SMFL MIRAI Partners Company, LimitedKenedix, Inc.

Agreement of acquisition of real estate asset management business in APAC region
SMFL MIRAI PARTNERS (Singapore) PTE. LTD. (Managing Director: Daisaku Kishi; hereafter, “MPS”), a
subsidiary in Singapore of SMFL MIRAI Partners Company, Limited (President: Tatsurou Terada; hereafter,“SMFL MIRAI Partners”), a consolidated subsidiary of Sumitomo Mitsui Finance and Leasing Company,
Limited (President: Masaki Tachibana; hereafter, “SMFL”), and Kenedix, Inc. (President & CEO: Taisuke
Miyajima; hereafter, “Kenedix”) have concluded an agreement with ARA Asset Management Limited(CEO：Moses K. Song; hereafter, “ARA”) to acquire ARA’s private fund business subject to regulatory
approval and clearance.
ARA is an asset management company based in Singapore established in 2002. It manages REITs/real
estate funds across Singapore, Australia, South Korea and United States, and owns one of the largest
AUM, Asset under management, in APAC region. SMFL Group, Kenedix and ARA have had jointly
invested in two properties in Singapore by collaborating SMFL Group’s investment and financing
function, management capabilities of Kenedix and asset management capabilities of ARA.
SMFL Group, Kenedix and ARA have entered into an agreement to acquire a new company (hereafter ,“ARAvest”) that operates private fund business has been carved out from ARA with the purpose ofmaximizing the synergy for both and leveraging Kenedix and ARA’s expertise of asset management indomestic/overseas, with a focus on APAC region, and financial foundation and procurement capabilitiesof fund of SMFL Group. SMFL Group and Kenedix plan to acquire all shares of ARAvest for $270 million,
through a special purpose vehicle established by MPS and Kenedix holding 70 % and 30%, respectively.
Moses K. Song who is CEO of ARA is going to take office as CEO of ARAvest and invest jointly with MPS
and Kenedix and participate in the ARAvest’s management. ARAvest will carry on the ARA mark andstrive to further enhance its brand value.
We will pursue expansion of AUM further, generating opportunities of investment/financing for investors,
and the growth of investment and financing business in APAC region by mutually demonstrating
strengths of three companies more than ever through this acquisition.
One of the measures in the SMFL Group’s medium-term management plans is “Asset turnover-typebusiness.” SMFL Group promotes the asset turnover-type business globally by merging the best of assets,such as property, aircrafts, and infrastructure, owned by SMFL Group and the asset management1platform provided by ARAvest in APAC region.
Kenedix is one of the largest real estate asset management companies in Japan, with over 3.3 trillion yenof AUM. This initiative is to realize “growth opportunities through inorganic measures (such as M&A),”
one of the key measures in the “AUM expansion initiatives” in the medium-term management plans.
Kenedix will expand its business to be a leading company in Asia by taking in 1.1 trillion yen of overseas
AUM. Kenedix has already been active in Asia, and will drive cross-border investments and fundmanagement opportunities across Japan and other countries through this opportunity.
Overview of ARAvest
Corporate Name

ARAvest Pte. Ltd.

CEOMoses K. SongHead Office

SingaporePrimary Business

Asset management business

Ownership Percentage (Closing)

MPSK Pte. Ltd. 100％

Contact information
SMFL

Corporate Communications Dept.

Yamamoto

TEL +81-3-5219-6334

Kenedix

Public Relations & Sustainability Dept.

NegishiTakemura

Email:
kdx_prs@kenedix.com

SMFL MIRAI Partners

MIRAI Business Planning Dept.

2SenooTEL +81-3-5219-6746