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Investing.com -- U.S. activist investor Elliott Investment Management has recently acquired a stake in Japan’s Sumitomo Realty & Development, according to Nikkei. The move is part of Elliott’s ongoing strategy to pressure real estate developers into enhancing their corporate value.
The transaction details between Elliott and Sumitomo Realty & Development remain undisclosed. However, a spokesperson for Sumitomo confirmed with Nikkei that discussions have taken place between the two parties about the management of the developer’s business.
This is not the first time that Elliott has invested in the Japanese real estate market. The hedge fund has previously acquired stakes in other Japanese real estate developers, including Mitsui Fudosan (OTC:MTSFY). The acquisition of a stake in Sumitomo Realty & Development further solidifies Elliott’s presence in the Japanese real estate sector.
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