Viva Industrial Trust

Viva Industrial Trust | Buy

Fair value: $0.93

April 2 close: $0.885

Broker: OCBC Investment, April 2

In March, the manager of Viva Industrial Trust (VIT) announced that it has agreed with the ESR-Reit manager to extend the period of exclusivity.

Should an agreement on the merger be reached, we believe the share swap ratio will likely be at least dividend-neutral in order to entice the VIT unit holders to accept the offer.

On the other hand, should the relevant parties fail to reach an agreement, we expect the uncertainty associated with ongoing talks to be alleviated, which may in turn help the unit price recover to prior levels.

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