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Indiabulls Real Estate moves to privatize Singapore-listed trust

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According to Market Intelligence, December 2022

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Indiabulls Real Estate moves to privatize Singapore-listed trust

Indiabulls Real Estate Ltd. subsidiary Brenformexa Ltd. plans to privatize and delist the Singapore-listed Indiabulls Properties Investment Trust by buying all the units it does not already own in the target for 90 Singaporean cents apiece.

The offer price represents a roughly 252.9% premium to the 26 cents-per-unit price of the target as at June 21, 2016, according to a filing.

In relation to the unconditional, all-cash offer, Brenformexa signed a deal with FIM Ltd., under which all the units in the target owned by funds or entities managed by Farallon Capital Management LLC or its affiliates will be tendered for acceptance. FIM is expected to rake in roughly S$270.9 million from payments for its 300,967,950 units in the targeted trust.

Indiabulls Real Estate, along with its subsidiaries, holds a 54.95% stake in the target, representing 414,306,203 units. Together with the units considered in the deal with FIM, the buyer has secured an about 97.62% interest in the target.

Following the completion of the FIM deal, Brenformexa said it intends to exercise its right to compulsorily purchase all the remaining units not tendered for acceptance. Subsequently, the delisting process for the target will commence.

The buyer said it has no plans to introduce major changes to the target or to any of the trust's subsidiaries once the privatization and delisting plans are carried out.

As of Oct. 11, US$1 was equivalent to S$1.36.