First REIT gets green light to acquire 12 nursing homes in Japan

About 98.45% of unitholders voted in favour of the acquisition.

First REIT saw an "overwhelming" approval from unitholders in favor of the acquisition of Japan nursing homes and settlement in an Extraordinary General Meeting (EGM) held last 28 January 2022.

“We are grateful for this strong mandate from unitholders for the proposed transactions as we pivot from stabilising to growing the Trust. The proposed acquisition of the Japan Nursing Homes, in particular, allows us strategic entry into a market with strong demand drivers as we capitalise on ageing demographic trends, whilst simultaneously enhancing First REIT’s geographical and lease diversification and doing so in a manner that is expected to be DPU accretive on a pro forma basis,” said Victor Tan, CEO, First Real Estate Investment Trust.

98.45% of unitholder votes were in favor of the proposed acquisition of 12 nursing homes located in Japan. The homes are currently under OUE Lippo Healthcare Limited.

Meanwhile, 98.47% of votes were in favor of the settlement in respect of the terminated development works adjacent to Siloam Hospitals Surabaya. An aggregate value of around $30.6m is currently assigned to the settlement.

As a token of appreciation to those who participated in the vote, the group will be sending a $15 NTUC FairPrice voucher to all unitholders who participated in the online EGM and currently hold units through their securities accounts with The Central Depository Ltd.

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