Sankei Real Estate Investment Corporation (2972) said on Nov. 5, 2026 it received a non-binding letter of intent from a private equity fund considering a rival tender offer at a premium of at least 5% to City Index Fifth's current offer of ¥125,000 per unit.
The REIT said its opinion on the City Index Fifth tender offer, adopted at a board meeting on Sept. 25, 2026, remains unchanged as of Nov. 5: it supports the offer while leaving the decision to tender to unitholders.
According to the filing, the REIT continued sounding out parties outside the offeror's group after the tender offer began, and met the fund, referred to as "Company A," on Oct. 16 and Oct. 29. Company A submitted a confidentiality pledge on Oct. 30 and began due diligence on the REIT's properties, finances, taxes and legal matters. The REIT's special committee discussed the initial terms and expected schedule on Nov. 4.
| Item | Proposal |
|---|---|
| Current offer price | ¥125,000 per unit |
| Rival offer price | At least 5% premium to current offer |
| Tender period | 20 business days (subject to adjustment for U.S. securities law) |
| Funding | Term loan and equity from Company A's funds |
Company A said the price is a preliminary assessment based on public information and will be finalized after reviewing property profitability, lease contracts, capital expenditure plans and borrowing terms. The minimum number of units to be purchased will depend on tender agreements with major unitholders and talks with lenders. Company A is also considering negotiating tender agreements with major unitholders, including special related parties of City Index Fifth.
Next steps: Company A plans to conduct due diligence and financing talks from early to late November 2026, and expects to submit a legally binding final proposal in late November at the earliest, subject to approval by its investment committee. The REIT will consult its special committee and make further disclosures as needed.
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| Seed Co., Ltd. | |
| Scheduled delisting | Dec. 21, 2026 |
| Rengo Co., Ltd. | |
| H1 net profit | ¥20.85 billion (+89.0%) |
| Sankei Real Estate Investment Corporation | |
| Current tender offer price | ¥125,000 per unit |
| Toyota Motor Corporation | |
| Buyback cost cap | ¥1.3 trillion |
| EDION Corporation | |
| Revised FY net profit | ¥22.5 billion (from ¥15.7 billion) |
| Hiraki Co., Ltd. | |
| FY net profit (loss) forecast | ¥160 million loss (prev. ¥100 million profit) |
| Riso Kagaku Corporation | |
| H1 net profit attributable to owners of parent | ¥2,513 million (up 40.4%) |
| M&A / TOB | 6 |
| Guidance | 59 |
| Buybacks | 25 |
| Dividends | 9 |
| Capital | 3 |
| Earnings | 159 |
| People | 3 |
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