Daiwa Securities Group Inc. will invest in a real estate investment trust, or REIT, affiliated with K.K. daVinci Holdings, a major player in the property investment fund market, sources said Wednesday.
Daiwa will invest more than ¥10 billion to take an equity stake of about 13 percent in DA Office Investment Corp. and is also expected to purchase all shares in a daVinci fund management subsidiary, K.K. daVinci Select, in a major push into the REIT business, according to the sources.
DA Office Investment, which is traded on the Tokyo Stock Exchange, owns office buildings in Tokyo, in which its REIT is based. The REIT is managed by daVinci Select.
DA Office Investment expects to benefit by joining the major securities group because the move will likely boost its REIT’s creditworthiness and make it easier to raise funds for its business, financial watchers say.
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