A plan by First REIT to restructure its master leases with Lippo Karawaci and raise capital via a rights issue exercise has been given the go-ahead by its unitholders.

Resolutions to approve the restructurings, and conduct a largely dilutive rights issue, were passed at an EGM on 19 January.

Full results of the EGM can be viewed here.

First REIT explained earlier in the year that it had no choice but to restructure the master leases with Lippo Karawaci, given the latter’s dire financial position.

The REIT would also be deploying funds for the rights issue to repay its debt, and expand into markets overseas.

Related: First REIT poised for international expansion once recapitalisation plans approved

First REIT was last done on the SGX at SGD0.245, which currently implies a distribution yield of more than 13% according to data compiled on the Singapore REITs table, before accounting for potential impact from the lease restructurings.