Vitalharvest receives A$300m takeover bid from Macquarie and other APAC REIT news

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Sydney-headquartered asset manager Macquarie Infrastructure and Real Assets (MIRA) has made a bid to acquire ASX-listed Vitalharvest Freehold Trust through a share buyout scheme or a A$300m cash bid.

The agricultural trust owns four berry properties and three citrus farms across NSW, South Australia and Tasmania, which are leased to Costa Group.

MIRA has put forward a trust scheme proposal to buy all shares in Vitalharvest in a fully funded, cash offer of A$1 per share.

However, the buyer has also offered to buy all of the assets of Vitalharvest for A$300m in cash if the scheme isn’t approved.

If the sale goes ahead, the trust or assets will be operated by Australian fresh produce business, Costa Group, which MIRA has a strategic partnership with.

Vitalharvest issued a trading halt, so its shares finished trading flat on Monday.

CapitaLand Retail China Trust strikes S$822m business park, mall deal

Singapore-listed CapitaLand Retail China Trust has agreed to buy interests in five business parks across Suzhou, Xi’an and Hangzhou, as well as a mall in Guangzhou, for S$822.4m.

The deal, which has an implied net property income yield of 5.8%, comprises the Ascendas Innovation Towers in Xi’an; a 51% interest in Ascendas Xinsu Portfolio, Suzhou; and the balance 49% interest in Rock Square, Guangzhou.

An 80% interest in Ascendas Innovation Hub, Xi’an; an 80% stake in Singapore-Hangzhou Science & Technology Park Phase I, Hangzhou; and an 80% interest in Singapore-Hangzhou Science & Technology Park Phase II, Hangzhou, are also part of the acquisition.

The deal follows the recent expansion of CRCT’s investment mandate to cover multi-assets that are used primarily for retail, office and industrial use, including business parks, logistics facilities, data centres and integrated developments.

“Following the acquisition, CRCT’s enlarged portfolio will consist of 18 properties, with its gross floor area increasing by 76% to approximately 1.77m sq.m.,” said Tan Tze Wooi, CEO of the REIT’s manager.

“The acquisition will further distinguish CRCT’s positioning to ride China’s consumption-driven, higher-valued, service-led economy.”

Shares in CapitaLand Retail China Trust closed 1.63% higher to S$1.25 on Monday.