OREANDA-NEWS. Sumisho Realty Management Co., Ltd. (“SRM”; head office: Chuo-ku, Tokyo; president: Hidetoshi Fujibayashi), a wholly-owned subsidiary of Sumitomo Corporation (head office: Chuo-ku, Tokyo; president: Kuniharu Nakamura), has set up an unlisted open-end private-placement realty investment corporation?SC Realty Private Investment Corporation (“SCRP”)?that began operations today.

SCRP has launched a private-placement REIT of approximately 32.4 billion yen. Four properties have been initially acquired: two office buildings in central Tokyo owned by Sumitomo Corporation, a large-scale office/commercial/hotel joint development property located in the Tokyo metropolitan area in whose development Sumitomo Corporation took a leading role, and an office building situated in Osaka’s core business area.

In administering this diversified private-placement REIT investing in such assets as office buildings, commercial facilities, logistics facilities, residential facilities and hotels, SCRP will be seeking to expand its portfolio to 100 billion yen over the next three years and to 200 billion yen over the next five.

SCRP is the only REIT for which Sumitomo Corporation serves as the main sponsor, and Sumitomo Corporation will be seeking to marshal the Sumitomo Corporation Group’s full capabilities to achieve sustained growth over the long term by, for example, making maximum use of Sumitomo Corporation’s ability to provide properties as well as Group companies’ know-how in real-estate administration.