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ESR-REIT, Viva Industrial again extend exclusivity period for S$3B merger talks

Managers of ESR-REIT and Viva Industrial Trust resolved to extend the exclusivity period for their planned merger to create the fourth-largest industrial real estate investment trust in Singapore.

ESR Funds Management (S) Ltd., Viva Industrial Trust Management Pte. Ltd. and Viva Asset Management Pte. Ltd. said involved parties are still in advanced discussions regarding the plan, and the exclusivity period for talks will end by the signing of a definitive agreement or by May 31, whichever comes first.

In addition, Viva Industrial appointed KPMG Corporate Finance Pte. Ltd. as its independent financial adviser for the proposal. ESR-REIT, on the other hand, earlier tapped Citigroup Global Markets Singapore Pte. Ltd., RHB Securities Singapore Pte. Ltd. and United Overseas Bank Ltd. to be its financial advisers.

The proposed merger was flagged in January and could create an entity with a roughly S$3.0 billion portfolio of approximately 13.8 million square feet of properties.

As of May 15, US$1 was equivalent to S$1.34.