City Index Fifth has extended its tender offer for Sankei Real Estate Investment Corporation to 30 November 2026, keeping its price at ¥125,000 a unit after a private equity fund said it was considering a higher competing bid, the companies said on 9 November.
Why City Index Fifth Co., Ltd. is buying SANKEI REAL ESTATE Inc.
City Index Fifth said it extended the offer to give unitholders a further opportunity to decide, taking into account tender levels so far and the possibility of a concrete counter-proposal.
Deal terms and financing
The offer seeks 375,636 units with a minimum of 118,732, worth about ¥47.0bn at the offer price by our calculation. City Index Fifth and related parties, including ATRA, C&I Holdings and Aya Nomura, said they would negotiate in good faith to tender their units into a rival full offer at a reasonably higher price with an equal or higher minimum. Settlement moves to 7 December.
Regulatory approvals and timing
City Index Fifth filed an amended tender offer registration statement with the Kanto Local Finance Bureau. If the offer succeeds without acquiring all units, it plans a squeeze-out by unit consolidation by the end of February 2027.
Market context
The unnamed fund told the REIT it planned due diligence from early to late November and could submit a legally binding proposal from late November, subject to investment committee approval. Earlier in 2026 a tender offer at the same ¥125,000 price by Tosei and GIC failed in May after the City Index side added units and did not tender, according to Kabukiso.
