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Saizen Reit manager to allow more time for 'exploratory enquiries' to develop

THE manager of Saizen Reit on Monday said that the liability claim period under its agreement with Triangle TMK has expired, and Triangle TMK has made no further claims.

It added that there have recently been exploratory enquiries on potential opportunities for Saizen Reit, so it will be giving more time to see if any enquiry develops further.

It added: "In the event that a transaction does not materialise from the above by the end of June 2016, the manager intends to commence liquidation proceedings for Saizen Reit."

Saizen Reit had completed the divestment of its entire portfolio of real estate assets to Triangle TMK, a Japanese affiliate of Lone Star Real Estate Fund IV and Lone Star Funds, for 44.7 billion yen (S$542.8 million) in March this year.

Analysts expect the Reit to eventually be delisted.