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Report: e-Shang Redwood targets Sabana REIT for planned Singapore consolidation

Pan-Asia logistics property developer e-Shang Redwood is "in advanced talks" to acquire Sabana Shari'ah Compliant Industrial REIT, Reuters reported, citing sources familiar with the process.

One of the unnamed sources told the news agency that the proposed purchase of the Singapore-listed real estate investment trust, or REIT, is part of e-Shang Redwood's wider plan to consolidate ownership in various industrial REITs in the country.

According to the Aug. 7 report, negotiations between the pair are expected to be completed in a few months even though the deal is not yet finalized, noting that the buyer still has to agree to some terms.

Late July, the target, which manages approximately S$1 billion of assets, said it is in the process of evaluating nonbinding proposals from several unidentified parties as it continues an ongoing strategic review. As of March, e-Shang Redwood has a 5% stake in Sabana Shari'ah, according to the news agency.

Singapore's first independent industrial, ESR-REIT, is owned by e-Shang Redwood. According to one of the sources, the company also intends to speak with shareholders of other Singapore REITs to move ahead with its plan for the sector, which Reuters values at S$3.5 billion.

As of Aug. 4, US$1 was equivalent to S$1.36.