Proposed Merger with ESR-REIT

Proposed Merger with ESR-REIT

Proposed Merger with ESR-REIT

Date: 15 Oct 2021
File size: 3293 KB

View Presentation Slides

ARA LOGOS Logistics Trust and ESR-REIT
Fireside Chat with SIAS

View Youtube Video


Key Documents

Date Title Documents
Oct 15, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement

Latest Announcements

Date Title
Dec 09, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 08, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 07, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 06, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 03, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 03, 2021 Replace - Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 03, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Dec 02, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Nov 24, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Nov 22, 2021 Proposed Merger By Way Of A Trust Scheme of Arrangement Dealing Disclosures
Nov 03, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Update On The Proposed ARA Acquisition
Nov 02, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Oct 26, 2021 Proposed Merger By Way Of A Trust Scheme of Arrangement - Dealings Disclosure
Oct 18, 2021 Proposed Merger Of ESR-REIT And ARA LOGOS Logistics Trust By Way Of A Trust Scheme Of Arrangement - Dealings Disclosure
Oct 15, 2021 Proposed Merger with ESR-REIT - Joint Announcement
Oct 15, 2021 Proposed Merger with ESR-REIT - Presentation
Oct 15, 2021 Proposed Merger with ESR-REIT - Press Release
Oct 15, 2021 Notice Of Valuation Of Real Assets - Valuation Of Investment Properties

FAQS

All capitalised terms, unless separately defined shall have the same meanings ascribed to them in the joint announcement issued by the ESR-REIT Manager and the ALOG Manager entitled “Proposed Merger of ESR-REIT and ARA LOGOS Logistics Trust by way of a Trust Scheme of Arrangement” dated 15 October 2021 (the "Joint Announcement")

1. What is the transaction about?
2. What is the offer consideration?
3. How was the Scheme Consideration determined?
4. What is the rationale of this merger?
5. What were the key assumptions used in arriving at the DPU accretion of 8.2% to ALOG unitholders?
6. What were the key assumptions used in arriving at the NAV per unit accretion of 2.2% to ALOG unitholders?
7. Why are the unitholders being offered part-cash-part-units Scheme Consideration?
8. Is the Merger proposed to mitigate the conflicts of interests as a result of the Proposed ARA Acquisition?
9. What are the terms of the new financing facility?
10. Who initiated this deal and when did negotiations start?
11. What is the gearing of ESR-LOGOS REIT post-Merger? What is the gearing target? How will the ALOG Manager manage the gearing post-merger?
12. Which overseas markets will ESR-LOGOS REIT expand into post-Merger?
13. What are the approvals required?
14. What will happen to the perpetual securities currently issued by ALOG?
15. Who will lead the management of the Enlarged REIT?
16. What is the indicative timeline of the Merger?

Note:

  1. ESR Group's data as at 30 June 2021, adjusted for LOGOS Group's acquisition of Moorebank Logistics Park announced on 5 July 2021.
  2. ESR-LOGOS REIT's free float of S$2.5 billion is computed based on 4,951 million free float units multiplied by an issue price of S$0.510 per ESR-REIT Unit.
  3. Based on reported total assets as of 30 June 2021.
  4. Enlarged ESR Group data as at 30 June 2021 inclusive of ARA LOGOS Logistics Trust, adjusted for LOGOS’ acquisition of Moorebank Logistics Park announced on 5 July 2021.
  5. Debt headroom is based on an aggregate leverage limit of 50% under the Property Funds Appendix, calculated headroom from FY2020 pro forma adjusted aggregate leverage.
  6. Enlarged ESR Group data as at 30 June 2021 inclusive of ARA LOGOS Logistics Trust, adjusted for LOGOS’ acquisition of Moorebank Logistics Park announced on 5 July 2021. Based on Enlarged ESR Group data as at 30 June 2021.
  7. Based on Enlarged ESR Group data as at 30 June 2021.

Investor Contact

BofA Securities, Inc.
Telephone: +65 6678 0066
DBS Bank Ltd.
Telephone: +65 6878 4155
back to top