The unitholders of Centuria Urban Real Estate Investment Trust (REIT) (CUA) have been unanimously recommended by the Independent Board Committee (IBC) to vote in favour of the merger proposal of the CUA and Centuria Metropolitan REIT (CMA).
Additionally, an independent expert was appointed who concluded that the proposal was fair and in the best interests of, non-associated CUA unitholders in the absence of a superior proposal.
In March, CPF2L announced it had entered into a scheme implementation agreement with Centuria Property Funds Limited (CFPL), as responsible entity of CMA, to acquire all of the issued units in CUA in an “NTA-for-NTA” merger of equal transaction.
The independent directors of Centuria Property Funds No. 2 Limited (CPF2L), a responsible entity of CUA, formed an independent Board Committee (IBC) which unanimously recommended that CUA unitholders vote in favour of the proposal, in the absence of a superior proposal.