Sumitomo Mitsui Banking gets 10% equity stake in ARA Asset Management

Economy

Sumitomo Mitsui Banking Corp. has acquired about $400 million worth of shares of common stock in ARA Asset Management Ltd. of Singapore, equivalent to about 10 percent on a voting rights basis, in anticipation of future growth in the Asian real estate and infrastructure market. Set up in 2002, ARA is the largest independent and pure-play asset manager in the Asia-Pacific region with a diversified portfolio of property assets, according to the Japanese bank. With some $88 billion in gross assets under management, ARA has invested in 28 countries and regions worldwide, focused on the Asia-Oceani...

Kyodo News

Kyodo News