Singapore

THE managers of ESR-Reit and ARA Logos Logistics Trust (ALog Trust) must be heaving huge sighs of relief. After a series of speed bumps, the managers of the 2 real estate investment trusts (Reits) have finally received approval from their respective unitholders to go ahead with the merger to form ESR-Logos Reit (E-Log Reit).

At its extraordinary general meeting (EGM) at 10am on Monday (Mar 21), unitholders of ESR-Reit voted overwhelmingly in favour of the merger. Some 98.6 per cent of unitholders voted in favour of the merger, and 98.4 per cent agreed to the issuance of new ESR-Reit units to ALog Trust unitholders at an issue price of S$0.4924 apiece as part of the consideration of the merger. Valid votes were cast by unitholders holding a total of 1.22 billion ESR-Reit units.