UPDATE 1-Aeon to raise up to 300 bln yen through REIT - Nikkei
June 23 (Reuters) - Japanese retailer Aeon Co plans to raise about 300 billion yen ($3.73 billion) by establishing a real estate investment trust (REIT) as the company looks to reduce debt and improve finances, business daily Nikkei said on Saturday.
Aeon expects to raise up to 200 billion yen by listing the REIT on the Tokyo Stock Exchange this year, the paper reported.
The REIT - a first for a Japanese retailer - would likely buy more than 20 domestic properties from Aeon, including its largest shopping center in Saitama Prefecture, for 200-300 billion yen, Nikkei said.
Aeon, which will continue to operate these properties, the business daily reported.