Saizen Reit to be liquidated after proposed RTO falls through
Reit manager says it is not possible to complete the transaction by the long-stop date of March 31, 2017
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Singapore
THE transaction process on a proposed reverse takeover (RTO) deal between Saizen Real Estate Investment Trust (Reit) and Sime Darby Property Singapore, which has been brewing since August 2016 and twice delayed, has fallen through and the Reit will be liquidated.
Saizen Reit's manager, Japan Residential Assets Manager Limited, said on Friday in a filing to Singapore Exchange about half an hour before markets closed, that "it is not possible to complete the proposed RTO transaction by the long-stop date of the implementation agreement, being March 31, 2017".
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