ESR-REIT, a Singapore-based industrial real estate investment trust, agreed to merge with Sabana REIT, a diversified portfolio real estate investment trust, in a $227m deal. ESR-REIT will hold c. 12.2% of the total issued units in the combined entity. “The merger is in line with our strategy to establish ESR-REIT as one of the leading Pan-Asian industrial REITs. We believe the merger will deepen our presence in Singapore and solidify the Enlarged REIT’s position as the 5 h largest industrial REIT in the country by asset size and the 4th largest by market share," Adrian Chui, ESR-REIT CEO and Executive Director.