Japan's Shinsei, Kenedix set up $490 mln elderly healthcare REIT
TOKYO, April 28
TOKYO, April 28 (Reuters) - Japan's Shinsei Bank Ltd and property asset manager Kenedix said on Monday they will set up a real estate trust specialising in homes for the elderly with at least 50 billion yen ($490 million) in assets.
The REIT will be listed this year after an initial public offering, said Takashi Fujimura, president of Japan Senior Living Co, which will manage the REIT, adding that the trust expects to boost its assets by about 20 billion yen a year.
Shinsei and Kenedix are the latest financial institutions seeking to tap the growing demand for elderly facilities in Japan, one of the world's most rapidly ageing societies.
Daiwa Securities Group Inc and Sumitomo Mitsui Banking Corp have also announced plans for similar REITs. Currently, Japan has no listed REITs that focus on healthcare facilities for seniors.
Besides Shinsei and Kenedix, other shareholders in Japan Senior Living include contractor Haseko Corp and building products group Lixil Group.
Japan's real estate market is rebounding as Prime Minister Shinzo Abe's aggressive reforms start to pull the economy out of 15 years of deflation.