Single-Family Rental REIT KDX Kolet Investment Corporation Receives Listing Approval

KDX Kolet Investment Corporation, sponsored by Kenedix, received listing approval from the Tokyo Stock Exchange on October 20, 2026. A J-REIT specializing in single-family rental housing, with detached houses and townhouses as its main investment targets, it is scheduled to list on November 25, 2026. Its asset manager is Kenedix Real Estate Fund Management, which also manages KDX Realty Investment Corporation, among others.

At listing, the REIT plans to acquire 2,281 homes under Kenedix's single-family rental brand Kolet for a total scheduled acquisition price of approximately JPY 92 billion. All of the assets to be acquired are located in Tokyo and the three surrounding prefectures, with Tokyo accounting for approximately 47% on a scheduled acquisition price basis.

Kolet is the brand of the single-family rental fund business that Kenedix launched in August 2021, and it has supplied and managed properties through private funds and security tokens (STs). The sellers this time, including DLKodate GK and the KSFR companies, have held Kolet properties, and all of them are interested parties of the asset manager.

The REIT estimates that while potential demand for single-family rental housing in Tokyo and the three surrounding prefectures is approximately 1.25 million households, the housing stock is only about 237,000 homes, leaving a supply-demand gap of approximately 1 million households. It decided to list because it judged that the J-REIT market, which offers constant access to capital markets, is well suited to the single-family rental business, which requires continuous growth investment and a stable supply of capital.

Key Facts

• REIT Overview
• • Name: KDX Kolet Investment Corporation (securities code: 666A)
  • Sponsor: Kenedix, Inc.
  • Asset Manager: Kenedix Real Estate Fund Management, Inc.
  • Established: July 23, 2026
  • Listing Approval Date: October 20, 2026
  • Scheduled Listing Date: November 25, 2026
  • Main Investment Targets: Detached houses and townhouses (also invests in residential real estate in general, including apartment buildings)
  • Investment Region: Tokyo and the three surrounding prefectures (investment ratio of 90% or more)
• Overview of Assets to Be Acquired
• • Acquired Assets: 2,281 detached houses and townhouses (25 real estate trust beneficiary interests)
  • Scheduled Acquisition Price: JPY 91.953 billion
  • Ratio by Region (based on scheduled acquisition price): Tokyo 47.1% / Saitama Prefecture 18.7% / Kanagawa Prefecture 18.5% / Chiba Prefecture 15.7%
  • Sellers: DLKodate GK / KSFR5, KSFR6 and KSFR8 through KSFR15 Co., Ltd. / Hibiya Property Co., Ltd. (all interested parties of the asset manager)
  • Scheduled Acquisition Timing: November 2026