Mixed Record for New J-REITs

An interesting article in the Nikkei last Friday pointed out a sobering fact: only half of the J-REITs which came to market in fiscal 2005 have opened at above their IPO listing price. REITs listed by much-watched Japanese fund management companies like Creed Corp. , Asset Managers Co. and daVinci Advisors KK, are among the losers.

Among the reasons are the lower quality of assets, in age, size, and building specifications, compared to those REITs listed by major real estate companies like Mitsui Fudosan and Nomura Real Estate. Another is the perception that the fund managers are spinning off REITs solely in order to recoup their investments of three to five years ago, without regard to the quality of the assets.

Source: The Nikkei Financial Daily

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