Singapore REITs - CGS-CIMB Research 2022-01-24: ESR-REIT Revises Offer For ARA LOGOS Logistics Trust

Singapore REITs - ESR-REIT Revises Offer For ARA LOGOS Logistics Trust

  • ESR-REIT (SGX:J91U) has revised the scheme consideration for the proposed merger with ARA LOGOS Logistics Trust (SGX:K2LU).
  • The new consideration consists of S$0.097 cash and 1.7729 units of ESR-REIT shares vs the original offer of S$0.095 cash and 1.6765 units of ESR-REIT shares.
  • Revised scheme consideration takes into account proxy advisers’ recommendations and downside risks of conflict of interests.
  • In view of the revised scheme consideration, both ESR-REIT’s and ARA LOGOS Logistics Trust’s EGM originally scheduled for 27 Jan 2022 will be postponed and announced in due course.
  • We think ESR-REIT has shown its commitment to the proposed merger by revising its offer higher while trying to strike a balance between both REITs’ shareholder interests. The revised scheme is more attractive for ARA LOGOS Logistics Trust’s shareholders.
  • The merger will immediately increase the combined AUM size to S$5.4bn and position the REIT as the 13th largest S-REIT by AUM.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

EING Kar Mei CFA CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | 2022-01-24

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