SINGAPORE (Dec 2): In April this year, following overwhelming votes in an extraordinary general meeting (EGM) in favour of resolutions by CapitaLand’s independent shareholders to acquire Ascendas-Singbridge (ASB), Quarz Capital Management (QCM) wrote an open letter to Ascendas Hospitality Trust (A-HTrust) proposing that Ascott Residence Trust (Ascott REIT) acquire A-HTrust in a cash and unit transaction. At the time, CapitaLand had issued a statement saying that the merger with ASB was subject to conditions precedent being fulfilled. However, CapitaLand added that it was aware of the overlapping mandates of the two trusts. Ascott REIT and A-HTrust eventually announced a merger in July, which will be completed by year-end.

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