Unsolicited offers for MMP REIT; trust manager to conduct review

There has been a number of unsolicited offers for Macquarie MEAG Prime (MMP) REIT, and one of them involves buying 100 percent of MMP REIT units and taking the trust private.

The trust's manager, Macquarie Pacific Star, says it will now conduct a strategic review of the trust to maximise value for its unit-holders.

MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a unit. The review will try to narrow the gap.

Macquarie Pacific Star says it will consider both corporate and asset level strategies. But it has cautioned that there is no assurance that the review will result in any specific transaction.

The trust has been listed on the Singapore Exchange since September 2005. - CNA /ls

Source : Channel NewsAsia - 19 Feb 2008