There is little alternative but to merge, the managers of two Singapore-listed industrial real estate investment trusts indicated in separate briefings to journalists, following scrutiny and criticism that the merger terms were unfavourable for one party’s unitholders.
The deal to combine ESR-REIT and ARA LOGOS Logistics Trust (ALOG) has now been sweetened, with the managers “acknowledging” the proxy advisors’ recommendations. The new offer values ALOG units at about 5% higher than in the original proposal.
