Japanese fund manager Kenedix intends to merge three of its sponsored J-REITs into a single trust with assets under management totaling JPY 1.15 trillion ($8.2 billion), according to a statement.
The REITs are Kenedix Office Investment Corp. (KDO), Kenedix Residential Next Investment Corp. (KDR) and Kenedix Retail REIT Corp. (KRR). Under the plan, KDR and KRR will be absorbed into the surviving trust, KDO.
The portfolio is expected to total 350 properties.
