Elliott Management Opposes Sumitomo Realty Director Reappointments, Cites 40% Undervaluation and Calls for Governance Reform

Elliott Management, the US-based activist investment firm, has expressed opposition to the reappointment of directors at Sumitomo Realty & Development Co., citing insufficient improvements in asset efficiency. Elliott has issued an open letter to shareholders calling for governance reforms and enhanced shareholder returns at the Japanese real estate developer. The firm believes that Sumitomo Realty's stock is undervalued by approximately 40% and is urging the company to take measures to unlock this value.