Saizen Real Estate Investment Trust said that the Singaporean bourse granted in-principle approval to Sime Darby Property Singapore Ltd.'s proposed reverse takeover of the REIT.

The approval is still subject to several conditions, including approval from Saizen REIT's unitholders. The REIT has yet to conduct an extraordinary general meeting to request for unitholders' approval, after having postponed one scheduled to take place by Dec. 31, 2016.

The REIT recently signed a supplementary deal with Sime Darby to extend a long-stop date to March 31 from Jan. 31 for the proposed reverse takeover.