Sumitomo Mitsui Banking gets 10% equity stake in ARA Asset Management
SINGAPORE, NNA - 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-Oceania region.
It boasts deep expertise and a strong track record in traditional asset classes such as office and retail as well as in logistics and data centers which are expected to show solid growth in the future. (NNA/Kyodo)