Aelios announces mandatory cash offer of $1.16 per unit for Suntec REIT

It acquired an aggregate of 62,541,700 units on 5 Dec.

Aelios Pte. Ltd., with United Overseas Bank Limited and DBS Bank Ltd. as joint financial advisers, has announced a mandatory conditional cash offer for all the issued and outstanding units in Suntec Real Estate Investment Trust (Suntec REIT). The offer will be made at S$1.16 per unit, which matches the highest price paid by Aelios in the six months leading up to the announcement.

In accordance with Rule 14 of the Singapore Code on Take-overs and Mergers, a mandatory offer is triggered when a party acquires 30% or more of a REIT's voting rights.

Aelios and its concert party group, which previously held 29.31% of Suntec REIT, acquired an additional 62,541,700 units in on-market transactions on 5 December, bringing their total holdings to 31.45%, thereby triggering the obligation to make the offer.

The offer will apply to all units not already owned by Aelios and its concert parties and will be free from any encumbrances or third-party rights.

A formal offer document outlining the full terms and conditions will be issued by the joint financial advisers in due course.