Two Dai-ichi Life-Affiliated Private REITs to Merge, Creating Approximately JPY 300 Billion in Assets

Dai-ichi Life Diversified REIT (DLDR) and Dai-ichi Life Life Partner REIT (DLPR), private REITs whose asset management is entrusted to Dai-ichi Life Realty Asset Management, signed a merger agreement on October 8, 2026. The transaction is an absorption-type merger in which DLDR will be the surviving entity and DLPR the dissolving entity, and it is scheduled to take effect on February 1, 2027, subject to approval at the unitholders' meetings of both entities scheduled for December 9, 2026.

DLDR began operations in January 2024 and has built a portfolio centered on office buildings in major metropolitan areas, combined with logistics facilities, hotels and retail properties. DLPR began operations in March 2020 and focuses on residential properties in Tokyo's 23 wards. As of the end of September 2026, DLDR's assets under management stood at JPY 111.3 billion and DLPR's at JPY 190.1 billion, for a combined total of approximately JPY 300 billion after the merger.

The two entities note that, as the private REIT market expands while investor needs grow more sophisticated and competition to acquire prime properties continues, fundraising capability commensurate with investment scale and market presence are becoming increasingly important. They decided on the merger in order to advance diversification by use, broaden their options for property acquisitions and asset replacement, and make the vehicle a product supported by a wide range of domestic institutional investors, including pension funds.

Dai-ichi Life Realty Asset Management belongs to the Dai-ichi Life Marubeni Real Estate Group, formed in July 2025 when the Dai-ichi Life Group and Marubeni integrated their domestic real estate businesses. The group has set a target of JPY 3 trillion in assets under management for fiscal 2030 and has indicated it will build up that figure through three products: private funds, private REITs and listed REITs.

Merger Overview

• Surviving Entity: Dai-ichi Life Diversified REIT, Inc.
• Dissolving Entity: Dai-ichi Life Life Partner REIT, Inc.
• Asset Management Company: Dai-ichi Life Realty Asset Management Co., Ltd.
• Merger Agreement Date: October 8, 2026
• Unitholders' Meetings: December 9, 2026 (scheduled)
• Effective Date: February 1, 2027 (scheduled)
• Assets Under Management After Merger: approximately JPY 300 billion (estimated)
• Dai-ichi Life Diversified REIT Overview
• • Established: September 6, 2023
  • Start of Operations: January 10, 2024
  • Assets Under Management: JPY 111.3 billion (as of the end of September 2026)
  • Main Investment Targets: Real estate across a wide range of uses, centered on offices / DLPR investment units
  • Investment Areas: Greater Tokyo 60% or more / Other areas 40% or less
• Dai-ichi Life Life Partner REIT Overview
• • Established: January 17, 2020
  • Start of Operations: March 2, 2020
  • Assets Under Management: JPY 190.1 billion (as of the end of September 2026)
  • Main Investment Targets: Residential properties and real estate that supports daily life and improved quality of life
  • Investment Areas: The three major metropolitan areas, centered on Tokyo's 23 wards / Other major regional cities