Saizen REIT: Spiked 18% at open to $1.09, after the trust accepted an offer from private equity firm Lone Star Funds for all the assets under its portfolio for JPY44.66b ($517.3m).
The consideration implies a 3.4% premium to market value and a net offer price of $1.17/unit, subject to shareholders approval at the EGM expected to be held in 1Q16.
Saizen REIT’s portfolio consists of 136 residential properties located in 14 Japanese cities.
Post-sale, the manager intends to distribute the net proceeds from the proposed transaction to unitholders via a special distribution and subsequently wind up the REIT.
In the event of excess cash following completion, Saizen REIT will be deemed a cash company.
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