Sumitomo Mitsui Trust Holdings Inc.'s property unit plans to double assets under its management to ¥500 billion within two years on a projected recovery in the domestic real estate market.
Sumitomo Mitsui Trust Real Estate Investment Management Co., the real estate arm of Japan's fourth-biggest bank, plans to significantly increase its assets from around ¥225.8 billion as of March 31, said Mitsuo Kimura, president and CEO of the Tokyo-based unit.
The company is also considering setting up a private real estate investment trust depending on investor demand and will reach a decision by next March, Kimura said.