18 May 2018

Proposed merger of ESR-REIT and Viva Industrial Trust by way of a trust scheme of arrangement

Mergers & Acquisitions partners Chia Kim Huat, Evelyn Wee, Sandy Foo, Favian Tan (supported by Senior Associate Goh Jun Yi and Associate Ng Su Rong), Corporate Real Estate partners Norman Ho, Benjamin Tay (supported by Senior Associate Shane Ng and Associate Dexter Yeo), and Banking & Finance partner Lee Xin Mei (supported by Senior Associate Adzfar Alami) are acting for Viva Industrial Trust Management Pte. Ltd. and Viva Industrial Business Trust on the proposed S$936.7 million merger of ESR-REIT and Viva Industrial Trust by way of a trust scheme of arrangement with a combined S$3 billion in assets. The merger, a first in Singapore between two REITs/Trusts, created Singapore's fourth largest industrial REIT. This landmark deal won M&A Deal of the Year at the Asian Legal Business SE Asia Law Awards 2019. The real estate portfolios of ESR-REIT and Viva Industrial Trust cover properties predominantly for business parks and other industrial uses. In connection with the merger, Rajah & Tann Singapore LLP is also acting for Viva Investment Management Pte. Ltd. in the proposed sale of shares in Viva Industrial Trust Management Pte. Ltd. to ESR Funds Management (S) Limited.