Japan Retail REIT, LaSalle Japan REIT To Merge In March

Japan Retail Fund Investment Corp(JRF) and LaSalle Japan REIT Inc. announced that they will integrate operations next March. The deal is the second domestic merger between two listed REITs, and will create the second largest listed REIT in Japan. JRF, which is managed by Mitsubishi Corp.-UBS Realty Inc., will absorb LaSalle with an equity swap and the residential and office buildings in LaSalle's portfolio will be sold so that the fund can focus on commercial properties.