THE managers of ESR-Reit and Ara Logos Logistics Trust (ALog Trust) reacted strongly this week to suggestions that they had been less than transparent in coming to a decision to merge the two real estate investment trusts (Reits).

In separate reports earlier this month, 2 proxy advisory firms - Institutional Shareholder Services (ISS) and Glass Lewis - had raised questions about the "process aspect" of the merger.

In particular, ISS noted that ALog Trust had not "shopped around" for alternative transactions. "A robust sale process would offer comfort to unitholders that alternatives were evaluated and deemed inferior," ISS said.