Sumitomo Mitsui and ARA Asset Management to acquire a 70% stake in Kenedix for $1.3bn.

Sumitomo Mitsui Finance and Leasing, a financial services company, and ARA Asset Management agreed to acquire a 70% stake in Kenedix, a real estate investment services provider, for $1.3bn. “Sumitomo Mitsui Financial has positioned property business as core for our sustainable growth and bigger corporate value, and we have been trying to strengthen this business,” Sumitomo Mitsui.