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Financials

Kenedix to set up $110 mln Japan property fund

TOKYO, May 25 (Reuters) - Japanese real estate asset manager Kenedix Inc 4321.T said on Tuesday that it plans to launch a 10 billion yen ($110.8 million) private fund to invest in Japanese office and commercial buildings, in the latest sign that the country's property market is picking up.

Kenedix said the new fund, with a five-year management period, would use capital acquired from Korean pension funds seeking stable long-term returns.

The Japanese property sector was it by a price slump in the wake of the global financial crisis, but some market participants say that it has bottomed out and is gradually starting to improve. [ID:nTOE64901V]

Prior to the announcement, Kenedix’s shares dropped 2.4 percent to a 12-month closing low of 20,000 yen. (Reporting by Mariko Katsumura)

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