ESR-REIT unitholders vote in favour of merger with Viva Industrial Trust

SINGAPORE (Aug 31): Unitholders of ESR Real Estate Investment Trust (ESR-REIT) on Friday approved a merger with Viva Industrial Trust (VIT), paving the way towards the creation of Singapore's fourth-largest industrial REIT by asset size.

ESR-REIT unitholders holding 94.2% of non-abstaining units voted in favour of the merger at an EGM this morning. Resolutions regarding the proposed issue of new units and a whitewash resolution for the waiver of unitholders’ rights to receive a mandatory general offer from Tong Jinquan, a major unitholder of VIT, also passed with more than 90% approval.

Under the proposed merger, ESR-REIT will pay 96 cents per VIT unit, of which 10% is in cash and 90% in new ESR-REIT units. At least 1.56 billion new units will be issued at 54 cents each, taking the total cost to $936.75 million for ESR-REIT.

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