Soilbuild Reit disposes Australian assets, goes private
The company delisted from the Singapore Stock Exchange on 12 April.
Soilbuild Business Space REIT has disposed of its Australian assets as part of a move to go private after the company was sold to Blackstone Real Estate and Soilbuild Group executive chairman Lim Chap Huat, according to a company announcement. It has since delisted from the Singapore Exchange.
The acquisition of the units in SB REIT held by unitholders was done through a ‘trust scheme’.
SB unitholders received the Adjusted Scheme Consideration of S$0.53806 per SB unit in cash, with the transaction executed on Monday 12 April, 2021.
This follows the announcement made by the SB Manager that the Trust Scheme has become effective and binding in accordance with its terms on 31 March 2021. The Court had on 30 March 2021 sanctioned the Trust Scheme, which was approved by SB Unitholders at the Trust Scheme Meeting held on 11 March 2021.
After poor performance during the height of the pandemic in 2020, the company saw a drop in its local portfolio value at the end of the third quarter.
Lim, together with Blackstone Real Estate offered $0.55 per share in cash to take the company private to help weather the challenges it went through.