Soilbuild Group’s Lim Family and Blackstone Complete Acquisition of Soilbuild Business Space REIT

April 13, 2021 – The respective boards of directors of SB REIT Management Pte. Ltd., and Clay Holdings III Limited announced that the acquisition of all the units in SB REIT held by the unitholders of SB REIT by way of a trust scheme of arrangement has been completed.

SB Unitholders should receive the Adjusted Scheme Consideration of S$0.53806 per SB Unit in cash by today, 12 April 2021.

SB REIT will be delisted from the Main Board of the SGX-ST with effect from 9.00 a.m. on 14 April 2021.This follows the announcement made by the SB Manager that the Trust Scheme has become effective and binding in accordance with its terms on 31 March 2021.

The Court had on 30 March 2021 sanctioned the Trust Scheme, which was approved by SB Unitholders at the Trust Scheme Meeting held on 11 March 2021.

Mr. Chong Kie Cheong, Chairman and Independent Non-Executive Director of the SB Manager, said, “Since IPO, the board and management team of the SB Manager have been working tirelessly to maximise value for SB Unitholders over the years. We would like to thank all SB Unitholders, business partners and stakeholders for their continuous support for SB REIT through the years.”Mr. Lim Chap Huat, Executive Chairman and Co-founder of Soilbuild Group Holdings Ltd. said, “We are deeply grateful for the support of all SB Unitholders for SB REIT and for the Trust Scheme.”

“This privatisation has not only allowed SB Unitholders to monetise their investment at an attractive premium, but has also given Soilbuild Group an opportunity to partner with established industry player Blackstone Real Estate to review and reposition the asset portfolio of SB REIT for the long term.”

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