,Singapore

ESR-REIT and ARA LOGOS announce proposed merger

The merger will create a flagship pan-Asia logistics and high-tech S-REIT.

ESR-REIT and ARA LOGOS Logistics Trust jointly announced their proposed merger on 15 October. It will be named ESR-LOGOS REIT.

ESR-REIT CEO Adrian Chui said, "The proposed merger is in line with ESR-REIT's strategy to accelerate our exposure to the sustainable growth of in-demand logistics properties, the largest secular growth opportunity in Asia, driven by the rapid rise of e-commerce and further amplified by paradigm shifts in global manufacturing supply chains."

"The proposed merger will be a win-win transaction for unitholders of both REITs. It is the next chapter in our transformational growth, delivering value accretion for our unitholders while positioning us for sustainable growth," added ARA LOGOS CEO Karen Lee.

The proposed merger will take effect by way of a trust scheme in compliance with the Singapore Code on Take-overs and Mergers, with ESR-REIT acquiring all units of ALOG in exchange for a combination of cash and new units in ESR-REIT.

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