Soilbuild REIT Gets Takeover Offer From Founder, Blackstone Consortium
2020年12月14日 - 10:11AM
Dow Jones News
By P.R. Venkat
A consoritum of Blackstone and the founders of Soilbuild
Business Space REIT have made an offer to buy the Singapore-listed
trust, valuing it at 700.26 million Singapore dollars ($523.8
million), in further consolidation of the island's real-estate
industry.
Soilbuild chairman Lim Chap Huat and his family and Clay
Holdings 1 Ltd.--an entity established by funds managed by
affiliates of Blackstone Real Estate--have offered to buy each
Soildbuild REIT unit for S$0.550 in cash, a joint statement said
Monday.
The founders already own a 30.28% stake in Soilbuild REIT. In
October, Soilbuild REIT said that its existing shareholders were in
talks with parties with regard to their stake in the company.
"We believe that this proposal by Blackstone presents the best
option for minority SB Unitholders based on the offers received,
representing the highest price received," Mr. Lim said.
Singapore's real-estate industry has been consolidating for
several years as developers and real-estate owners seek to build up
scale and size.
Earlier this year, Singapore-listed CapitaLand Mall Trust and
CapitaLand Commercial Trust agreed to merge into an entity with a
combined property value of S$22.9 billion.
Last year, Frasers Logistics & Industrial Trust and Frasers
Commercial Trust merged to create a single entity with a combined
asset base of S$5.7 billion.
The statement said that if the offer is successful, the
consortium plans to delist Soilbuild REIT from the Singapore Stock
Exchange.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
December 13, 2020 19:56 ET (00:56 GMT)
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