Singapore’s First REIT offers to purchase series 002 perpetuals

By Marisa Wong

Los Angeles, Aug. 22 – First REIT Management Ltd., manager of First Real Estate Investment Trust (First REIT), announced that First REIT’s trustee, Perpetual (Asia) Ltd., is inviting holders of its S$60 million series 002 subordinated perpetual securities (ISIN: SG73F5000007) to tender their securities for purchase for cash.

The issuer is offering to purchase the perpetual securities at 70% of par, according to a notice.

The purpose of the offer is to provide liquidity to the securityholders, given the illiquid nature of the outstanding securities and to optimize the issuer’s debt capital structure as part of its continuing capital and liability management initiatives.

The issuer said it has sufficient internal sources of funding to finance the aggregate purchase price and accrued distributions for tendered securities accepted for purchase.

The offer expires at 5 a.m. ET on Sept. 2.

Settlement is slated for Sept. 9.

Standard Chartered Bank (Singapore) Ltd. (DCM.Singapore@sc.com) has been appointed as the dealer manager for the invitation.

Tricor Barbinder Share Registration Services (+65 6236 3550 / 3555; fax +65 6236 3405; is.corporateactions@sg.tricorglobal.com) is the tender agent.

First REIT is a Singapore-based health care real estate investment trust.

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