Unitholders of Soilbuild Business Space REIT (Soilbuild REIT) have voted in favour of the proposed privatisation offer from Blackstone Real Estate and Lim Chap Huat.

The approval was received at an extraordinary general meeting (EGM) that was held on 11 March.

Lim is the executive chairman of Soilbuild REIT’s sponsor, Soilbuild Group.

The resolution to amend the REIT’s trust deed was approved with 91.94% of the total number of votes cast in favour.

Similarly, the resolution to dispose of the REIT’s Australian assets was approved with 83.67% of the total number of votes cast in favour.

Meanwhile, a resolution to approve the trust scheme that would privatise the REIT was passed with 56.56% of the total number of unitholders present and voting by proxy.

“This brings us one step closer to the privatisation of the REIT, which will allow SB unitholders to monetise their investment at an attractive premium, as well as enable us to review SB REIT’s portfolio and reposition it for the long term”, said Lim Han Qin, Director, Soilbuild Group Holdings, in a statement on the approvals.

An application will be made to the High Court to sanction the trust scheme.

Upon receipt of the court’s sanction, the scheme is expected to become effective and binding on 31 March 2021.

The consideration of SGD0.53806 per Soilbuild REIT units is expected to be paid to unitholders in cash on 12 April 2021.

Soilbuild REIT was last done on the SGX at SGD0.535 prior to a trading halt.