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First REIT Defends Move to Sell Indonesia Assets to Siloam

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First REIT (SGX:AW9U) said the proposal to divest its Indonesian hospital assets to Siloam International Hospitals for SG$471.5 million is the best available offer, according to a filing with the Singapore Exchange on Wednesday.

The statement was a response made to unitholders seeking clarification on the terms of the proposed deal.

The REIT said it will be hard to find a different buyer for the Indonesian portfolio as Siloam has been its tenant and operator. It also said the consideration represents a premium of approximately 2.1% over the average of the two independent valuations of the assets.

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