REIT AsiaPac

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TIMELINE: Tracking the developments of Star Asia’s controversial bid for Sakura Sogo

Amid Japan’s typically amicable REIT culture, Star Asia Group’s takeover proposal for Sakura Sogo on May 10 was an unexpected move. For the first time, a provision in the J-REIT legislation that allows a unitholder that has at least a 3% holding for a minimum of six months to table a proposal and call for an extraordinary meeting has been evoked.

Star Asia Group has a 3.6% stake in Sakura Sogo REIT through its affiliate Lion Partners GK. Also for the first time, a J-REIT regulation called Minashi in Japan, by which non-votes are counted as “yes” votes, will be tested on August 30, when Sakura Sogo’s unitholders will vote on Star Asia Group’s bid.

For our interview with Star Asia Group, click here: Star Asia Taps Japan’s REIT Rule For First Time In Sakura Sogo Bid

For our interview with Sakura Sogo, click here: Sakura Sogo: Approach taken by Star Asia creates dangerous precedents for the J-REIT sector

For our story on fund managers’ views, click here: Star Asia’s Proposed Bid For Sakura Sogo Challenges Japan-REIT Regulations


In numbers:

Sakura Sogo has JPY56.1 billion (US$518.9 million) of assets under management

Mirai Corporation has JPY154.1 billion (US$ 1.4 billion) of assets under management

Star Asia Investment Corporation (SAIC), a J-REIT affiliated with Star Asia Group, has JPY 102.3 billion (US$952 million) of assets under management.