SINGAPORE (Sept 13): Unitholders of Croesus Retail Trust on Wednesday morning voted in favour of Blackstone's $1.17 per unit cash offer to privatise the trust.

In a meeting held on Wednesday morning, both the trust deed amendment and the scheme were approved by unitholders representing at least 98.72% and 98.68% of units held respectively, trustee-manager Croesus Retail Asset Management announced in a filing.

US private equity giant Blackstone Group had made an offer in June to acquire all units in Croesus through a trust scheme, with a consideration of $1.17 in cash per unit, or $900.6 million in total.

See: Blackstone to pay $1.17 in cash per unit to acquire Croesus Retail Trust

Independent financial adviser CIMB had found Blackstone's cash offer to be "fair and reasonable" and recommended that uniholders vote in favour of the sale.

CIMB said the offer price represented a premium of 24.5% to 37.7% over the various volume-weighted average trading prices from listing until June 23, the last full day of trading before the bid was announced.

As at 2.27pm, units in Croesus Retail Trust are trading at $1.165.