Japan's Kenedix buys stake in Amanah Raya for RM91m

Moody's outlook on the Korean banking system has been negative since May 2016.

UALA LUMPUR: Japan's largest independent real estate asset management company Kenedix Inc has today entered into a strategic collaboration with trust company Amanah Raya Bhd, acquiring shares of the latter's subsidiaries for a total RM91mil.

Kenedix, through its unit KDA Capital Malaysia Sdn Bhd acquired 85.98 million units of AmanahRaya REIT, representing 15% of total units in circulation for RM85.98mil.

The company also acquired 735,000 ordinary shares of AmanahRaya REIT Managers Sdn Bhd (ARRM), representing a 49% stake for RM5.15mil for RM7 per share.

Amanah Raya maintains the controlling 51% stake in ARRM.

"This collaboration opens opportunities in cross leveraging of knowledge and expertise in asset management initiatives, property development and asset management.

"It is our hope that this collaboration will improve trading volume to boost AmanahRaya REIT's unit price with AmanahRaya as catalyst, contributing towards the growth in Malaysia Foreign Direct Investments," said Amanah Raya Bhd group managing director Adenan Md Yusof.

Kenedix' portfolio is not limited to conventional asset classes such as office buildings, logistic facilities, residential properties, retail outlets.

The Japanese conglomerate is also managing new asset segments such as senior healthcare facilities and data centres.

Both parties signed two landmark agreements, the shareholders' agreement and the memorandum of understanding on  a bridge fund for the purpose of acquiring and nurturing assets before injection into Amanahraya REITS.

The two landmark agreements, witnessed by Minister of Finance II Datuk Johari Abdul Ghani, were signed between Adenan and Kenedix Asia Pte Ltd president Akihiro Nakao, representing KDA Capital Malaysia Sdn Bhd.

Also witnessing the signing ceremony were Japanese ambassador to Malaysia Dr Makio Miyagawa, Amanah Raya chairman Tan Sri Sabbaruddin Chik, Kenedix Japan group CEO Taisuke Miyajima and Kenedix Japan director Taiji Yoshikawa.