Sumitomo Mitsui Banking Corp. is seeking to buy about ¥10 billion in senior housing properties before taking its health-care real estate investment trust public.
Sumitomo Mitsui is in talks with operators of homes for the elderly after it established a company in October that will purchase the properties, said Nobuaki Oishi, senior vice president of financial solutions at the bank.
The bank declined to name the parties involved, saying the talks are private. Sumitomo Mitsui, along with other investors, plans to list the REIT by March 2015 with ¥20 billion in assets, Oishi said.