The research house is particularly positive on the proposed merger between VIT and ESR-REIT, as it finds the offer conditions of 9.6 cents cash and 1.6 new ESR-REIT units for each VIT unit held attractive for VIT unitholders.
SINGAPORE (May 24): OCBC Investment Research is maintaining its “neutral” call on Singapore industrial REITs with the recommendation to switch holdings to Viva Industrial Trust (VIT) from Cache Logistics Trust (CLT).
While VIT has been rated “accept offer” at a fair value of 90 cents, CLT is kept at “hold” with a fair value of 83 cents.
