PRNEWSWIRE
LONDON, June 30, 2025 /PRNewswire/ -- Elliott Investment Management, L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a more than 3% ownership stake in Sumitomo Realty & Development Co., Ltd. ("Sumitomo Realty" or the "Company"), making Elliott one of the Company's largest shareholders, note the results of Sumitomo Realty's 2025 Annual General Meeting of Shareholders.
In our view, the low approval rate for members of senior management reflects investor dissatisfaction with the Company's current course. Despite Sumitomo Realty's high-quality portfolio, the Company remains Japan's most undervalued real estate developer.
As we have previously stated and tried to impress upon management, urgent action is needed to address the Company's poor shareholder returns, excessive cross-shareholdings, lack of focus on capital efficiency, and subpar corporate governance.
We value our dialogue with Sumitomo Realty's management and look forward to continuing our engagement to support clear, near-term steps that resolve the Company's self-imposed challenges.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion in assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.
Media Contacts:
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk
Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220
b.wallbutton@ashton.jp
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