SINGAPORE — Thai billionaire Charoen Sirivadhanabhakdi's Frasers Property Limited is seeking to take a real estate investment trust (REIT) private at a valuation of S$1.37 billion (US$1.1 billion), its second attempt to buy out the unit.
The Singapore-based developer is offering about S$0.71 a share for Frasers Hospitality Trust, according to a filing Wednesday. That is a 7% premium to its last traded price of S$0.665 before its shares were halted this week along with Frasers Property's.
An attempted privatisation in 2022 offering S$0.70 a share — which valued the REIT then at S$1.35 billion — failed when it fell short of a 75% shareholder threshold required.
Mr Charoen's family conglomerate TCC Group controls over 60% of the trust’s shares, according to data compiled by Bloomberg.
Since then, Singapore's sizable REIT market has faced turbulence. Despite a recovery in sectors like hospitality since the coronavirus pandemic, the sector has been dented by higher interest rates and geopolitical uncertainties. A wave of privatisations in recent months came amid concerns about limited liquidity in the broader listed property industry in the city-state.
Charoen Sirivadhanabhakdi, centre. (File photo: Pornprom Satrabhaya)