KDX Kolet REIT, a newly formed trust sponsored by Kenedix, has filed a securities registration statement with the Kanto Local Finance Bureau to list on the Tokyo Stock Exchange REIT market. The filing, dated 20 October 2026, sets out an offering of up to 516,991 units with an estimated issue value of ¥49.89bn. It also describes a portfolio made up entirely of detached and townhouse rental homes under Kenedix's "Kolet" brand.
What the offering looks like
The ¥49.89bn is an estimate. Underwriters buy at an issue value and sell at a different offer price, so the total offer price will differ. The offer price is not set. A price range is due on 9 November, with demand declared from 10 to 13 November and pricing on 16 November. Part of the offering may go to overseas investors, excluding the US and Canada, in an amount still undecided.
A separate over-allotment sale of up to 27,210 units (an estimated ¥2.72bn) may accompany the offering, on the same application and delivery dates, backed by a third-party allotment to Nomura Securities with proceeds capped at ¥2.63bn. Kenedix would buy 25,210 units in the offering and Sumitomo Mitsui Trust Bank 2,000. Kenedix would hold about 5% if the allotment is fully issued.
| Step | Planned date |
|---|---|
| Price range announced | 9 November 2026 |
| Demand declaration period | 10 to 13 November 2026 |
| Pricing date | 16 November 2026 |
| Application period | 17 to 20 November 2026 |
| Payment date | 24 November 2026 |
| TSE listing and trading start | 25 November 2026 |
| Third-party allotment payment | 23 December 2026 |
The homes
The REIT plans to buy trust beneficial interests in 2,281 homes after listing: 906 in Tokyo, 398 in Kanagawa, 507 in Saitama and 470 in Chiba. The filing puts the total acquisition price at ¥91.95bn and the total appraised value at ¥103.12bn. The average unit is 86.3 square metres, the average building age is 2.7 years, and the appraisal-based net operating income yield is 5.1%.
The sellers are related parties under the manager's internal rules. The sale contracts, signed on 19 October, are forward commitments. If either side breaches and the other terminates the contract, the terminating side may claim a penalty of 10% of the price. Payment is conditional on the REIT completing its funding, and it can cancel without penalty if that condition fails.
Debt and the green label
A syndicate arranged by Sumitomo Mitsui Banking Corporation is expected to lend ¥21.8bn due 30 November 2027 and ¥23.8bn due 30 November 2029, at floating rates over one-month TIBOR, with drawdown set for 25 November. After the offering, the filing estimates total-asset loan-to-value at 46.1% and appraisal-based loan-to-value at 43.6%, against a stated 60% ceiling. Kenedix may also provide a subordinated backup loan, but no agreement is signed.
The REIT is labelling the offering a green equity offering under its own framework, and says the acquisitions are to be financed entirely through that offering and green loans. R&I gave a second opinion: the green loans conform to the relevant principles, while the principles were not written for equity, so R&I judged only that the framework follows their spirit. The filing calls this the first green equity offering at listing by a J-REIT, a claim that is the REIT's own.