On July 16, when ESR-REIT announced its 1H2020 results it also announced a merger with Sabana Shariah Compliant Industrial REIT. For the purpose of the merger, ESR-REIT and Sabana REIT had to undertake valuations. ESR-REIT’s portfolio valuation fell by 1.6% compared to Dec 31, 2019, to $2.892 billion. In the meantime, the number of units increased by 1.2% compared to Dec 31, 2019 to 3,530.9 million units, causing a decline in net asset value to 41 cents, from 43.3 cents as at Dec 31.

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