Four joint holders that together own 29.90% of Sankei Real Estate have not agreed on one course for the C5 tender offer. Two agreed on 25 September 2026 to tender; two agreed not to. The split sits in Change Report No. 14, filed on 2 October 2026 with the Kanto Local Finance Bureau, which cites changes to material contracts and to the holders' purpose of holding. It adds detail to Tokyo Brief's earlier report on the tender offer.
Who tenders and who does not
The group holds 139,646 units out of 467,099 issued, as of 25 September 2026. Each holder's stake is unchanged from its previous report.
| Holder | Units | Stake (%) | Stance on C5 offer |
|---|---|---|---|
| Lead filer (Tokyo investment company) | 2,001 | 0.43 | Will tender all |
| Singapore-based individual | 46,174 | 9.89 | Will not tender |
| ATRA | 45,289 | 9.70 | Will not tender |
| C&I Holdings | 46,182 | 9.89 | Will tender all |
| Joint total | 139,646 | 29.90 | Split |
The two that will not tender are the Singapore-based individual holder, who is a managing director at Isamu Holdings Pte. Ltd., and ATRA. Each agreed with C5 not to respond to the offer for all its units. The lead filer and C&I Holdings agreed to tender all of theirs.
A buy-out inside the group
ATRA decided on 25 September that if a squeeze-out follows a successful offer, it will buy all 46,174 units held by the Singapore-based individual, targeting roughly two months after the offer completes. The planned price equals the tender offer price. A squeeze-out is the step that forces remaining holders out after an offer succeeds. The report does not state the offer price or the offer timetable.
How the stakes are funded
The individual holder's 46,174 units were bought with ¥5.77bn of own funds. ATRA's 45,289 units were funded by a ¥5.65bn loan from that same individual. C&I Holdings' 46,182 units were funded by ¥5.63bn of bond proceeds. The lead filer's 2,001 units were bought with ¥228.8mn of own funds.
ATRA's 45,289 units and C&I Holdings' 46,182 units are both pledged to SBI Securities as substitute collateral for margin trading.
All four holders state the same purpose: advice and proposals on capital policy and governance, including a take-private of the REIT. The filing says they decided on 31 July 2026 to propose a take-private to find the buyer that would maximise unitholder value, and made the proposal that day.