Quarz believes a merger by way of a trust scheme will solve the problem."We propose a cash and unit transaction where 0.92 units of ESR Reit and S$0.067 of cash will be exchanged for one unit of Sabana Reit," it said.
Due to Sabana Reit's low aggregate leverage of 30.8 per cent, the combined entity will also have around S$180 million of debt headroom to make DPU-accretive acquisitions, Quarz noted. Meanwhile, if Sabana Reit brings its portfolio occupancy rate up to the national level of 89 per cent from 80.6 per cent as at Sept 30, it could generate around S$3.4 million of additional net property income, Quarz added.
Market watchers have been bracing for ESR to drive more consolidation in the fragmented industrial Reit sector ever since ESR Reit absorbed Viva Industrial Trust last year, in the first-ever merger in the history of Singapore Reits.In May, ESR took control of Sabana Reit from Vibrant Group in a S$62.2 million deal, which involved ESR paying S$0.48 per unit for Vibrant's stake in Sabana Reit.
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