OREANDA-NEWS. NTT Urban Development Corporation and Kenedix, Inc. have signed an agreement to cooperate in real estate business activities as follows.

NTT Urban Development and Kenedix will hold discussions concerning ways to cooperate in specific projects with regard to the following businesses and operations involving real estate.
(1) Joint activities for fund operations (including REITs)
(2) Joint participation in real estate development projects
(3) Creating and enlarging business opportunities by sharing information
(4) Other joint activities for businesses and operations that will yield benefits for the two companies or their subsidiaries and affiliates

This agreement does not restrict the ability of NTT Urban Development and Kenedix to conduct business activities on their own or jointly with other partners.

NTT Urban Development and Kenedix will use strategic cooperation with the goal of targeting a diverse range of business opportunities. This cooperation is expected to strengthen the real estate development business and real estate fund business (including REITs) and yield other benefits.

A member of the NTT Group, NTT Urban Development is a diversified real estate company that develops office buildings, retail facilities, condominiums and other types of properties, leases real estate, and has other operations.

The company has much expertise and experience in the field of real estate development, is able to procure funds with ease, and can take full advantage of the resources of the NTT Group, including opportunities for redevelopment projects. With assets under management of more than 1.2 trillion yen, Kenedix is Japan's largest independent real estate asset management company. Kenedix has acquired a broad array of expertise starting from the first days of Japan's real estate fund business. Kenedix manages a large number of private funds and REITs and has made joint investments in many real estate funds.

As part of this agreement, Kenedix plans to purchase a 30% equity interest in Premier REIT Advisors Co., Ltd., which is currently held by Ken Corporation Ltd. This company is the asset manager for Premier Investment Corporation, where NTT Urban Development serves as the main sponsor.