Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 2022H2 dividend went ex- on 6 February 2023, setting the Offer to be lowered. The Offer by Volare was lowered. Docs out Friday night.</li>
<li>The S$0.465 Offer, adjusted for dividends (to be paid 27 March (cash or DRP units)), is now S$0.4504 per unit. The first close is 10 March 2023. </li>
<li>Sabana has underperformed a basket of slightly higher beta peers by 1+% since the day before the announcement. Watch pro-ration risk.</li>
</ul>


The Sabana Industrial REIT (SSREIT SP) 2022H2 dividend went ex- on 6 February 2023, setting the Offer to be lowered. The Offer by Volare was lowered. Docs out Friday night.
The S$0.465 Offer, adjusted for dividends (to be paid 27 March (cash or DRP units)), is now S$0.4504 per unit. The first close is 10 March 2023. 
Sabana has underperformed a basket of slightly higher beta peers by 1+% since the day before the announcement. Watch pro-ration risk.


Sabana Industrial REIT - Offer Goes Live, Worth A Look

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>’s partial offer from Volare to acquire a maximum of 109.6 million units at S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is open.</li>
<li>The offer is conditional on 10% minimum acceptances. Minorities appear willing sellers as both Volare and Quarz increased their unitholding over the last 12 months.  </li>
<li>Quarz is supportive but its intentions are unclear. Based on a proration of 16.70% and at the last close of S$0.420 per unit, the breakeven price is S$0.415 per unit.</li>
</ul>



Sabana Industrial REIT (SSREIT SP)’s partial offer from Volare to acquire a maximum of 109.6 million units at S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is open.
The offer is conditional on 10% minimum acceptances. Minorities appear willing sellers as both Volare and Quarz increased their unitholding over the last 12 months.  
Quarz is supportive but its intentions are unclear. Based on a proration of 16.70% and at the last close of S$0.420 per unit, the breakeven price is S$0.415 per unit.


Sabana REIT (SSREIT SP): Volare’s Partial Offer Is Open

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>In the upcoming webinar, AIMS APAC REIT's (“AA REIT”) CEO, Mr Russell Ng, will share a short company presentation. After which, he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
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<p>The Corporate Webinar will be hosted on Tuesday, 28 February 2023, 17:00 SGT.</p>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85948818621" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p><strong>About AIMS APAC REIT</strong></p>
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<p><span style="font-size: var(--content-font-size);">AIMS APAC REIT (“AA REIT”) is a real estate investment trust listed on the Mainboard of the SGX-ST since 2007. The principal investment objective of AA REIT is to invest in a diversified portfolio of high quality income-producing logistics, business parks and industrial real estate throughout Asia Pacific. As at 30 September 2022, AA REIT’s portfolio consists of 29 properties, of which 26 properties are located throughout Singapore and 3 properties located in Australia (including a 49.0% interest in Optus Centre held through a joint venture), with assets under management of S$2.2 billion. AA REIT is also a constituent of the FTSE EPRA Nareit Global Developed Index and the MSCI Singapore Small Cap Index. </span></p>
<p>AA REIT is managed by AIMS APAC REIT Management Limited, which is wholly-owned by AIMS Financial Group (“AIMS”). Headquartered in Sydney, AIMS is a diversified financial services and investment group, active in the areas of fund management, mortgage lending, investment banking and property investment. AIMS is also the owner of the Sydney Stock Exchange.</p>

In the upcoming webinar, AIMS APAC REIT's (“AA REIT”) CEO, Mr Russell Ng, will share a short company presentation. After which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. The Corporate Webinar will include a live Q&amp;A session.

The Corporate Webinar will be hosted on Tuesday, 28 February 2023, 17:00 SGT.






Register for the Webinar here






About AIMS APAC REIT

AIMS APAC REIT (“AA REIT”) is a real estate investment trust listed on the Mainboard of the SGX-ST since 2007. The principal investment objective of AA REIT is to invest in a diversified portfolio of high quality income-producing logistics, business parks and industrial real estate throughout Asia Pacific. As at 30 September 2022, AA REIT’s portfolio consists of 29 properties, of which 26 properties are located throughout Singapore and 3 properties located in Australia (including a 49.0% interest in Optus Centre held through a joint venture), with assets under management of S$2.2 billion. AA REIT is also a constituent of the FTSE EPRA Nareit Global Developed Index and the MSCI Singapore Small Cap Index. 
AA REIT is managed by AIMS APAC REIT Management Limited, which is wholly-owned by AIMS Financial Group (“AIMS”). Headquartered in Sydney, AIMS is a diversified financial services and investment group, active in the areas of fund management, mortgage lending, investment banking and property investment. AIMS is also the owner of the Sydney Stock Exchange.

Smartkarma Corporate Webinar | AA REIT: Future Proofing for Sustainable Growth

<ul>
<li>On Friday, after the close, 5.4% owner of <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> announced it had <a href="https://links.sgx.com/FileOpen/Offer%20Announcement%20for%20Sabana%20REIT%20by%20Volare%20Group%20AG.ashx?App=Announcement&amp;FileID=744629" target="_blank" rel="noopener">offered to buy</a> another 10.0% in a Partial Offer at a recent high price.</li>
<li>The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.</li>
<li>It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.</li>
</ul>


On Friday, after the close, 5.4% owner of Sabana Industrial REIT (SSREIT SP) announced it had offered to buy another 10.0% in a Partial Offer at a recent high price.
The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.
It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.


Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.</li>
<li>The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.</li>
</ul>



Sabana Industrial REIT (SSREIT SP) disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.
The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.

ESR Group (1821 HK), the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.


Sabana REIT (SSREIT SP): Partial Offer from Volare

Singapore

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

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AIMS APAC REIT (AAREIT SP)

Sabana Industrial REIT - Offer Goes Live, Worth A Look

Volare AG's Partial Offer to buy 10% of Sabana Industrial REIT is now live. The div has been paid, Offer Price adjusted, and Sabana is cheap vs...

Travis Lundy

Sabana REIT (SSREIT SP): Volare’s Partial Offer Is Open

The offer is conditional on 10% minimum acceptances. The premium is skinny but minorities appear willing sellers as both Volare and Quarz increased...

Arun George

Smartkarma Corporate Webinar | AA REIT: Future Proofing for Sustainable Growth

For our next Corporate Webinar we welcome AA REIT’s CEO, Russell Ng, who will engage in a fireside chat with Smartkarma Insight Provider, Angus...

Smartkarma Research

Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

Private industrial concern with significant fuel/real estate presence Volare Group AG owns 5.4% of Sabana Industrial REIT. They have announced a...

Travis Lundy

Sabana REIT (SSREIT SP): Partial Offer from Volare

The offer is conditional on a 10% min. acceptances. Quarz Capital is supportive. Based on a proration of 13.54% and at the last close price of...

Arun George

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