Soilbuild REIT has been removed from the FTSE Singapore All Cap Index and the Benchmark Index, announced the manager of Starhill Global REIT on March 30.
The Benchmark Index is relevant to the determination of the performance fee that may be paid to the manager under the trust deed constituting Starhill Global REIT dated Aug 8, 2005.
Under the deed, the manager is entitled to a performance fee should the accumulated return of the units in Starhill Global REIT in any financial year ending June 30 exceed the total return of the Benchmark Index.
As at March 30, there are 31 Singapore-listed REITs and property-related business trusts in the FTSE Singapore All Cap Index, compared to 33 as at June 2020.
Apart from the removal of Soilbuild REIT, Eagle Hospitality REIT is no longer among the constituents, while CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) have been merged to form CapitaLand Integrated Commercial Trust (CICT). Prime US REIT, which was previously not on the list since June 2020, is included as well.
SEE:Soilbuild REIT’s privatisation offer is likely to be met with approval from unitholders
On March 26, the manager of Soilbuild REIT announced that the court hearing on the application to sanction the REIT's trust of arrangement, has been adjourned to March 30, due to opposition from one of the REIT's unitholders.
The opposition is based on the "one-proxy rule", which allows for the appointment of only one proxy per SB Unitholder, should not have been used in respect of the trust scheme meeting.
On March 11, unitholders of the REIT voted in favour of the proposed privatisation by Soilbuild REIT's executive chairman Lim Chap Huat and Blackstone Real Estate.
Soilbuild REIT, on the morning of March 29, requested for a trading halt.
The REIT constituents currently comprise:
- AIMS APAC REIT
- ARA LOGOS Logistics Trust
- Ascendas Real Estate Investment Trust
- Ascott Residence Trust
- CapitaLand Integrated Commercial Trust
- CapitaLand Retail China Trust
- CDL Hospitality Trusts
- Cromwell European REIT
- ESR-REIT
- Far East Hospitality Trust
- First Real Estate Investment Trust
- Frasers Centrepoint Trust
- Frasers Hospitality Trust
- Frasers Logistics & Industrial Trust
- Keppel REIT
- Keppel DC REIT
- Keppel Pacific Oak US REIT
- Lendlease Global Commercial REIT
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Mapletree Commercial Trust
- Mapletree North Asia Commercial Trust
- Mapletree Industrial Trust
- Mapletree Logistics Trust
- OUE Commercial Real Estate Investment Trust
- Parkway Life Real Estate Investment Trust
- Prime US REIT
- Sabana Shari’ah Compliant Industrial REIT
- SPH REIT
- Starhill Global REIT, and
- Suntec REIT.
