ESR-Logos Reit ends first day of trading at S$0.395

ESR-Logos Reit ended its first day of trading on Thursday (May 5) on the Singapore Exchange at S$0.395, unchanged from its opening price.

The units were trading 1.3 per cent or S$0.005 higher than the last closing price of the counter, when it was previously known as ESR-Reit, with 476,000 units changing hands at the open. ESR-Reit had closed flat on Wednesday at S$0.39, on an ex-distribution basis.

On Thursday, the counter hit an intra-day high of S$0.40 at 9.09am, before easing to trade at an intra-day low of S$0.39 at 2.39pm. It ended the day at S$0.395, down S$0.005 or 1.3 per cent, with some 8.7 million units changing hands.

E-Log Reit was formed after a merger between ESR-Reit and Ara Logos Logistics Trust (ALog Trust), following the merger between the 2 Reits' sponsors - ESR Cayman and ARA Asset Management.

As part of the merger consideration, ALog Trust unitholders were entitled to 9.7 Singapore cents in cash and 1.7729 in ESR-Reit units for every unit of ALog Trust they own. The new ESR-Reit units were issued at S$0.4924 each.

Assuming the merger had been completed on Dec 31, the pro forma net asset value per unit of the combined entity for FY2021 was expected to be S$0.36.

SEE ALSO

Manager discloses indicative timeline of ESR-Reit-Ara Logos Logistics Trust merger

ESR-Reit, ALog Trust unitholders vote in favour of merger to form ESR-Logos Reit

ESR-Reit chief Adrian Chui to be CEO of ESR-Logos manager, Alog Trust chief to be deputy CEO

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E-Log Reit adopts ESR-Reit’s former stock code “J91U”. Meanwhile, ALog Trust will be delisted from the SGX on Thursday, with effect from 9 am. ALog Trust last closed flat on Apr 19 at S$0.85.

In March, the managers of the 2 Reits received approval from their respective unitholders to go ahead with the S$1.4 billion merger to form E-Log Reit, despite having run the risk of being derailed following negative reports by 2 proxy advisory firms.