Soilbuild Reit trust scheme court order granted; delisting expected April 14

SOILBUILD Business Space Reit's (Soilbuild Reit) trust scheme of arrangement has been sanctioned by the court on March 30, the Reit's manager said in a Singapore Exchange filing on Tuesday night.

As the trust scheme court order has been granted, trading in Soilbuild Reit units has been suspended for the purposes of determining the entitlements of unitholders, as at the record date of March 30.

In Soilbuild Reit's indicative timeline, the disposal of its Australian assets - in conjunction with the trust scheme - is expected to be completed on March 31.

The adjusted scheme consideration is expected to be paid to unitholders on April 12, and Soilbuild Reit units are expected to be delisted on April 14.

On March 11, Soilbuild Reit unitholders had voted in favour of the proposed privatisation offer made by an entity indirectly owned by Soilbuild Group's executive chairman Lim Chap Huat and Blackstone Real Estate. The offer had been made in December with a scheme consideration of S$0.55 per unit.

Soilbuild Reit had requested a trading halt on Monday morning, with units having last traded flat at 53.5 Singapore cents last Friday.