Sime Darby Property to proceed with Saizen Reit reverse takeover

SIME Darby Property Singapore will have its Australian assets injected in Saizen Real Estate Investment Trust (Reit) through a backdoor listing, Saizen Reit said on Monday.

Saizen Reit will acquire the properties for A$356 million (S$371 million). The properties comprise 20 industrial properties located in Australia, with 18 properties in Queensland and two properties in the Northern Territory, with a total land area of approximately one million square metres.

The latest announcement follows discussions first made public in August.