Source disclosure: February 19, 2026
SANKEI REAL ESTATE Inc. [2972.T]
TOKYO — Sankei Real Estate Inc., operator of the REIT Sankei Real Estate Investment Corporation (code number: 2972), announced on February 19, 2026, that it supports and recommends shareholders to tender their investment units as part of an open offer by Tiger Investment Business Limited Partnership and Lion Investment Business Limited Partnership.
The board's recommendation follows changes to the terms of the tender offer, which was initially set to conclude on March 6, 2026. However, this period has been extended, impacting the amount and timing of payments to investors who participate in the squeeze-out procedure aimed at delisting the investment units held exclusively by the acquiring parties. The extension will result in an increase in the total amount received by investors due to the inclusion of the distribution for the fiscal year ending February 2026.
Under the original timeline, the settlement date for the tender offer would have occurred after the record date for the February 2026 dividend payment. This meant that participating investors would not receive the dividend, while non-participants would lose out on both the dividend and the full tender price if they opted not to tender. With the extension, however, the record date falls within the tender offer period, allowing all participants to receive both the dividend and the tender price upon acceptance of the offer.
Specifically, each unit holder is expected to receive ¥2,773 per unit from the February 2026 dividend, plus the tender price of ¥125,000 per unit, totaling ¥127,773 per unit. This represents a net benefit over the initial plan where only the tender price would be paid without the interim dividend. The company noted that the actual dividend amount might vary based on future performance but emphasized that the current estimate does not guarantee final payouts.
Furthermore, the revised schedule includes key dates such as the last trading day with rights for the February 2026 dividend being set for February 25, 2026, followed by the ex-dividend date on February 27, 2026. Settlement of the tender offer is scheduled to begin on March 13, 2026. For those who do not tender, the squeeze-out process will still proceed, with payments anticipated around mid-May 2026 following approval at a special meeting of investors planned for mid-May 2026.
Investors can find more detailed information about these procedures and schedules on the Sankei Real Estate Investment Corporation’s official website at https://www.s-reit.co.jp/.
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