Mindarie Investment’s offer for Alpha Integrated Reit turns unconditional

[SINGAPORE] Mindarie Investment’s mandatory conditional cash offer for Alpha Integrated Real Estate Investment Trust (AI-Reit) was declared unconditional on Monday (Feb 9), resulting in an extension of the closing date to 5.30 pm on Feb 24, from the previous Tuesday deadline.

Mindarie Investment is a wholly owned subsidiary of Swiss-based Volare Group.

The deal turned unconditional after the receipt of valid acceptances for about 111.8 million units, representing about 10 per cent of AI-Reit’s total issued units.

As at Dec 23, 2025, when the offer was announced, Volare and its concert parties together controlled about 464.3 million units, representing 41.3 per cent of total issued units.

The receipt of valid acceptances on Monday, along with Volare and its concert parties’ holdings, brought the aggregate unitholding to over 576 million units, or about 51.2 per cent of total issued units.

Accordingly, the minimum acceptance condition has been satisfied, and the offer has become unconditional, said UOB, which is acting as the financial adviser to the offeror.

Units of AI-Reit ended Monday 1 per cent or S$0.005 higher at S$0.485, before the announcement.

In December 2025, Mindarie Investment launched a mandatory conditional cash offer for all issued and outstanding units of AI-Reit at S$0.48 apiece.

This came after Volare acquired a significant stake in AI-Reit from ESR Group, triggering the mandatory offer threshold of 30 per cent under the Singapore Code on Take-overs and Mergers.

It entered into an agreement with ESR Group and E-Shang Infinity Cayman to acquire about 241.6 million units in AI-Reit at S$0.40 apiece. The transaction represented around 21.5 per cent of AI-Reit’s total issued units.

As the group’s shareholding crossed the 30 per cent threshold, it had to make a mandatory general offer for the remaining units that it did not already own.

Volare intends to maintain the listing status of AI-Reit on the Singapore Exchange. It said there are no plans to introduce material changes to the Reit’s business, redeploy fixed assets, initiate any major changes to investment policy, or discontinue the employment of existing employees.