Strategic review of MMP REIT still ongoing

The strategic review of Macquarie MEAG Prime REIT or MMP REIT is still ongoing.

This is according to a filing with the SGX on Friday.

It said that key shareholder Macquarie Real Estate continues to support the review.

In February, Macquarie Pacific Star, the manager of MMMP REIT, announced that it was conducting a strategic review to maximise value for its unitholders.

This was after unsolicited offers were received for Macquarie Real Estate’s 26 percent beneficial interest in MMP REIT.

The review will consider proposals on both the corporate and asset levels, including proposals to acquire 100 percent of the units in MMP REIT.

It also aims to close the gap between MMP REIT’s net asset value and its traded unit price.

MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a unit.

In trade on Friday, MMP units closed unchanged at S$1.23 each. – CNA/ms

Source : Channel NewsAsia – 5 Apr 2008

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