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Updated Friday, March 19, 2010 10:46 am TWN, Bloomberg

Kenedix to invest US$332 million in real estate funds

TOKYO -- Kenedix Inc., Japan's biggest publicly traded real estate asset manager, said it will invest 30 billion yen (US$332 million) in Japanese properties this year through two new funds, to take advantage of price declines.

The Tokyo-based firm is in talks with several investors including Korean pension funds to start a 10 billion yen-fund in the first half of this year, Kenedix President Atsushi Kawashima said in an interview Wednesday in Tokyo. The second fund will start with about 20 billion yen by the end of the year and aims to grow to 100 billion yen within 12 months, he said. Kenedix shares closed at their highest in seven weeks.

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