Kenedix Office Investment Corporation (KDO), Kenedix Residential Next Investment Corporation (KDR) and Kenedix Retail REIT Corporation (KRR) are set to merge as a single entity.

The decision to merge the three REITs, which were listed on the Tokyo Stock Exchange between July 2005 and February 2015, was made amid continued instability in the Japanese REIT market.

These include instability in the Japanese office market and continued “fear for the rise in the long-term interest rates due to future changes of the monetary policies by the Bank of Japan”, said the REITs.