Saizen Reit soars 19% on news of Japan assets' sale
Singapore
IN what could be an unprecedented sale of an entire portfolio by a Singapore-listed Reit, Saizen Reit on Saturday announced the proposed divestment of all its residential properties in Japan to global private-equity firm Lone Star Funds for 44.66 billion yen (S$517.3 million).
The news sent units of Saizen Reit leaping as much as 23 per cent intraday on Monday after its trading halt was lifted. Saizen Reit closed at S$1.10, a 19 per cent jump from the closing price on Oct 29, one day before Friday's trading halt. The binding offer from Triangle TMK - a Japanese affiliate of Lone Star Real Estate Fund IV and Lone Star Funds - was accepted by Saizen Reit on Oct 31.
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