Singapore is likely to be the center for merger-and-acquisition activity as it is the biggest REIT market in Asia after Japan, according to Alastair Gillespie, executive director and co-head of UBS's Asian Real Estate Research division.
There are currently 16 Singapore REITs, a healthcare REIT is also expected to be listed soon from Parkway Holding Limited. That number is likely to increase over 30 REITs by mid-2008, mentioned in the Wall Street Journal.
Singapore's likely emergence as the center of REIT-consolidation activity will be helped by the government's move this month to change the city-state's merger-and-takeover code to cover REIT ownership. Under the amended code, parties intending to acquire 30% or more of the total units of a REIT will be required to make a general offer for all outstanding units. In addition, existing investors holding between 30% and 50% of the units of a REIT who acquire more than 1% of the REIT's total units within a six-month period must make a general offer.
For more details please write to Patricia Kowsmann at patricia.kowsmann@dowjones.com
There are currently 16 Singapore REITs, a healthcare REIT is also expected to be listed soon from Parkway Holding Limited. That number is likely to increase over 30 REITs by mid-2008, mentioned in the Wall Street Journal.
Singapore's likely emergence as the center of REIT-consolidation activity will be helped by the government's move this month to change the city-state's merger-and-takeover code to cover REIT ownership. Under the amended code, parties intending to acquire 30% or more of the total units of a REIT will be required to make a general offer for all outstanding units. In addition, existing investors holding between 30% and 50% of the units of a REIT who acquire more than 1% of the REIT's total units within a six-month period must make a general offer.
For more details please write to Patricia Kowsmann at patricia.kowsmann@dowjones.com
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