Unitholders of Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) have approved the plan for both REITs to merge.

The approvals were obtained at seperate extraordinary general meetings (EGMs) held by the REITs.

The unitholders have also approved the payment of all fees and expenses relating to the proposed merger.

FLT and FCOT first announced in December 2019 that they were merging to create a diversified REIT.

Related: Frasers to merge office, industrial REITs to create SGD5.7 billion entity

The merger will be effected via a trust scheme.

FLT will acquire all units of FCOT in exchange for a combination of cash and new units in FLT.

FCOT unitholders will receive SGD1.68 for each unit as at the books’ closure date.

This will comprise of SGD0.151 in cash and 1.233 new units in FLT at an issue price of SGD1.24 per unit.