REIT ASIAPAC
SINGAPORE-REIT MERGERS IN
THE LAST THREE YEARS
U.S. Private Equity Firm Lone Star Acquired
Singapore-Listed Saizen REIT
Date of Completion: March 2016
Deal Valuation: S$542.8 million (US$391.9 million)
U.S. Private Equity Group Blackstone Group LLP Bought
Singapore-Listed Croesus Retail Trust
Date of Completion: October 2017
Deal Valuation: S$900.6 million (US$650 million)
ESR-REIT merged with Viva Industrial Trust
REITs to better compete against private
capital and foreign REITs when making real
estate acquisitions.
According to KPMG, the industry’s market
value has grown at a 22% compounded
annual growth rate over the last ten years.
REITs’ investment mandates have expanded
far beyond Singapore’s shores.
To date, 80% of S-REITs and property trusts
own offshore assets across the Asia Pacific,
South Asia, North America and Europe.
Larger REITs will have better
acquisition competitiveness,
particularly against private
market players, says Siah. “The
confluence of relative trading
prices, which facilitates scrip-for-
scrip mergers, the low-interest-
rate environment and S-REIT
sponsors’ willingness to merge
their platforms has helped to
drive consolidation activity,” he
adds.
Date of Completion: October 2018
Deal Valuation: S$936.75 million (US$ 674.93 million)
Emerging Asset Size After
Transaction: S$3 billion (US$2.16 billion)
OUE Commercial REIT (OUE C-REIT) merged with
OUE Hospitality Trust
Date of Completion: September 2019
Deal Valuation: S$1.49 billion (US$1.07 billion)
Emerging Asset Size After
Transaction: S$6.8 billion (US$4.9 billion)
PRINCIPAL SPONSOR
28-30 OCTOBER 2020
Ascott Residence Trust (Ascott REIT) merged with Ascendas
Hospitality Trust (A-HTrust)
Date of Completion: Before the end of 2019
Deal Valuation: S$1.2 billion (US$860 million)
Emerging Asset Size After
Transaction: S$7.6 billion (US$5.48 billion) as at March
31, 2019
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