First REIT has scheduled its extraordinary general meeting (EGM) for 28 January 2022 at 11:00 a.m.

At the EGM, the REIT is seeking unitholders’ approval for two transactions that will be part of the ‘First REIT 2.0 Growth Strategy’ unveiled in December 2021.

The transactions are namely an acquisition of 12 Japanese nursing homes from OUE Lippo Healthcare Limited and a SGD30.6 million settlement for terminated development works adjacent to Siloam Hospital Surabaya.

Related: First REIT announces Japan acquisitions in manifestation of long-held plans

Stirling Coleman Capital Limited, which has been appointed as independent financial adviser (IFA) to the transactions, has opined that the terms for these are based on normal commercial terms and is not prejudicial to the interests of First REIT and its minority unitholders,

Accordingly, the IFA recommends that unitholders vote in favour of each of the four resolutions that will be tabled for approval at the EGM.

“We have presented unitholders with what we believe is a compelling choice to take us forward decisively on our 2.0 growth strategy”, said Victor Tan, CEO of First REIT’s manager.

“Our hope is to receive the same strong mandate as we did in early 2021 that had allowed us to stabilise First REIT and set firm foundations for our pivot now to growing the trust”, he added.

First REIT was last done on the Singapore Exchange (SGX) at SGD0.315, which presently implies a distribution yield of 8.25% according to data on the Singapore REITs table.