VOLARE Group’s partial offer to acquire an additional 10 per cent of Sabana Industrial Real Estate Industrial Trust (Sabana Reit) at S$0.465 per unit closed on Mar 24, after receiving valid acceptances representing about 27.7 per cent of issued units in the Reit.

Under the partial offer terms, the offeror is only permitted to acquire the offer units comprising 109,612,132 units in Sabana Reit.

It was announced late on Tuesday (Mar 28) that some 51,424,456 units were tendered in respect of their relevant percentage offer units, which may be accepted in full by Volare.

Another 251,901,891 units were in respect of excess units which were tendered in acceptance of the partial offer.

As the excess units tendered for acceptance exceed the number of offer units, they will be accepted on a prorated basis up to a number which will be equal to the number of offer units – though in a manner which minimises the number of new odd-lot unit holdings.

A temporary odd-lot trading counter for the trading of board lots of one unit each, will be open from Apr 5 to May 5 after the settlement of the consideration of the offer units.

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Volare, which held 5.4 per cent of issued units in Sabana Reit before launching its partial offer earlier this year in January, is a Swiss entity with various businesses. The group previously said it was seeking to acquire a larger stakeholding in the Reit to diversify its business away from fossil fuels, and build up its real estate portfolio.

Units of Sabana Reit : M1GU 0% were trading flat at S$0.44 as at 9.30 am on Wednesday.