CRE (TYO:3458) has terminated its capital and business alliance with Kenedix, Inc. as of April 18, following a resolution at its board meeting, according to a Friday filing on the Tokyo Stock Exchange.

The termination includes agreements made in 2017, as well as subsequent amendments over the years.

The decision follows the recent tender offer by SMFL MIRAI Partners Company, Limited, which now holds 10.6 million shares of CRE, and an upcoming share consolidation that may privatize the company and form a joint venture with Kyobashi Kousan.

As a result, KDX's external director will resign, and CRE anticipates minimal impact on its performance from the termination.