SINGAPORE (Apr 25): Activist investor Quarz Capital Management has issued an open letter to the manager of Ascendas Hospitality Trust (A-H Trust) urging for its merger with Ascott Residence Trust (ART) to resolve the key issue of overlapping investment mandates between the two REITs and deliver substantial value to unitholders of both camps.

Quarz is proposing ART acquire A-H Trust in a cash and unit transaction where 0.75 units of ART and $0.18 of cash will be exchanged for one unit of A-H Trust. This values each unit of A-H Trust at $1.08 which is at 8% premium to book value.

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