Blackstone trust scheme gets unitholders’ nod for Croesus Retail buyout

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid - RTSDKHE

Private equity major Blackstone Group’s trust scheme for the $649.8 million acquisition of Croesus Retail Trust (CRT), the Japan-focused property operator, has got an approval from the unit holders and now CRT will seek Singapore court’s sanction for the scheme.

In a meeting held on Wednesday, both the Trust Deed Amendment and the Scheme were approved by unit holders, an announcement said.

The Trust Deed Amendment was approved with 98.72 per cent of units represented by votes either in person or by proxy while the scheme was approved with 82.42 per cent of unitholders present and voting in favour, representing 98.68 per cent of units represented by votes.

The scheme had last month bagged an approval from Singapore Exchange Securities Trading Limited (SGX-ST). The private equity firm  had made an offer in June to acquire all units in Croesus through a trust scheme, with a consideration of S$1.17 in cash per unit.

The buyout deal may boost Blackstone realty portfolio with more realty investors looking to enhance their assets in Asia including Japan. Among the recent deals were Global Logistic Properties deal, United Engineers and CWT.

CRT has assets that include Aeon Town Moriya, Aeon Town Suzuka, Mallage Shobu, Luz Omori, One’s Mall, Croesus Shinsaibashi, Croesus Tachikawa, Torius, Fuji Grand Natalie, Mallage Saga and Feeeal Asahikawa.