Saizen Reit considering "firm offer" for its assets

SINGAPORE - Saizen Real Estate Investment Trust (Saizen Reit) is considering an offer to sell its assets, said its manager on Friday.

The manager, Japan Residential Assets Manager, said in an announcement on Friday that it "received a firm offer in relation to the assets of Saizen Reit".

An independent evaluation committee was recently set up, with joint financial advisers appointed to help the committee.

The manager said the committee and advisers are reviewing and evaluating the offer.

"No definitive agreements have been entered into and there is no assurance that the offer will be accepted and that definitive agreements will be entered into," it added.

It advised unitholders to exercise caution when trading, said it will update them.

The Reit has a portfolio of 136 properties valued at 43.1 billion yen (S$474 million), with about 5,500 residential and commerical units in 14 Japanese cities.

rachaelb@sph.com.sg