Unitholders of the Singapore-listed Soilbuild REIT have voted in favour of a S$700m (€436m) offer from a Blackstone-led consortium to take the company private.

Blackstone Real Estate and Lim Chap Huat, the executive chairman of the real estate trust’s sponsor, Soilbuild Group, made the offer via a trust scheme of arrangement last December.

In a meeting, unitholders representing almost 92% of the issued securities voted to accept the offer of S$0.55 per share.

Soilbuild REIT, which was listed on the Singapore exchange in 2013, holds about a dozen properties, including business parks and industrial complexes, mostly in Singapore

Unitholders also approved a sale of three properties in Australia, held in Soildbuild Australia Trust, to Blackstone-related entities for A$232m as part of the deal conditions.

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