First published in Business Times on 5 March 2021 In less than a week, unitholders of Soilbuild Business Space Reit will have to vote on a proposed privatisation offer from Blackstone Real Estate and the executive chairman of the Reit’s sponsor, Soilbuild Group, Lim Chap Huat. The offer is via a trust scheme of arrangement, which means its outcome will be determined by minorities. Mr Lim and his concert parties will abstain from voting. Here is a brief summary of the relevant issues. The rationale The offerors have said the Reit’s high yield has hampered its ability to grow via yield-accretive acquisitions. The Reit’s asset base has grown 1.5 times since its 2013 listing even as the average industrial S-Reit is 1.8 times larger. When Soilbuild Reit last raised money, for

The STI fell 45 points or 1.5% to 2,880.64; Penny stocks enjoyed bulk of the volume; Wall St and other markets have their eyes on rising US bond yields; Singapore Government’s Budget includes S$11b for COVID-19 relief; NODX grew better-than-expected 12.8% in Dec; Offer for Soilbuild Reit is fair and reasonable; Offer for Bermuda-registered GL is not fair but reasonable; SembCorp Marine warned of material provisions; MAS and SGX on alert for possible manipulation via chat forums Pennies in play as momentum in blue chips stalls Despite Wall Street holding firm in the face of weak US economic numbers, the local stock market has struggled in recent weeks – the Straits Times Index, which in mid-January climbed above the 3,000 level, has since been unable to add to those gains and ha

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Based on 4Q 2019 Result. Click to Enlarge* Ascendas India Trust and Dasin Retail Trust are Business Trusts.The above table is extracted from spreadsheet in SREITs Data page.Dividend Yield:YieldAverageMedianLowestHighestHealthcare8.10%8.10%4.34%11.86%Retail9.16%8.32%5.48%18.13%Office8.18%7.55%4.97%12.02%Hospitality17.49%11.35%9.4%42.71%Industrial8.37%7.66%3.54%13.4%Logistics9.52%10.43%5.07%12.14%* Based on REIT Major SectorFinancial Metrics:Financial MetricsUnitAverageMedianLowestHighestPrice/ NAVtime0.790.710.151.91Market Cap, BS$2.00B0.96B0.17B10.04BProperty Yield (Annualized)%5.895.843.399.30Distribution on Management Feestime8.378.343.9719.02Distribution on Capital (Annualized)%4.114.091.605.64Distribution Margin%52.3554.9821.1771.32* SREITs in Foreign Currencies converted to