NTT Urban To Enter Into REIT Business

NTT Urban Development Co., an NTT-affiliated real estate company, announced that it will acquire a majority of the issued shares in Premier REIT Advisors Co., a midsize REIT operator from Ken Co., Sohgoh Real Estate Co., Chuo Mitsui Asset Management Co., Nikko Properties Co., Across Co., and Developer Sanshin Co. NTT Urban, in addition to the core business of leasing and residential property sales, enters the asset management business through this transaction. With a firm REIT market, some real estate companies who have not engaged in the REIT business have started to buy financially distressed or troubled REIT companies since the new financial year began in April.