Tosei Corporation (8923) said on Jan, 6 2026 that its wholly owned subsidiary, Tosei Asset Advisors (TAA), will start a tender offer for all investment units of SANKEI REAL ESTATE (2972).

TAA will conduct the bid through investment limited partnerships it manages under a discretionary investment mandate. Tosei will partly fund the vehicle via a silent-partnership structure.

The move follows TAA’s due-diligence review of Sankei’s portfolio, which is focused on offices and hotels but has recently traded below a net-asset-value multiple of 1.0. TAA concluded that full acquisition and subsequent privatisation would provide greater scope to enhance asset value than purchasing individual properties.

If the offer succeeds, the bidders plan to implement squeeze-out procedures to take Sankei private and may sell or reposition assets and renegotiate leases to improve portfolio efficiency.

Tosei added that the transaction aligns with its strategy to leverage group synergies across its revitalisation, development, rental, fund and consulting, property management and hotel businesses to support the sustainable development of the real-estate market.