Volare Group’s offer for Alpha Integrated REIT (AIR), formerly known as Sabana Industrial REIT, has turned unconditional after receiving valid acceptances amounting to 111.8 million units, or 9.93% of all the units in AIR.
The acceptance, as at 6pm on Feb 9, brought Volare Group’s stake to 576.1 million units in AIR, or a 51.2% stake in the REIT.
Volare Group first made a mandatory conditional cash offer of 48 cents for all the units it did not own in AIR in December 2025 after acquiring ESR Group’s 241.56 million units at 40 cents per unit. The acquisition of ESR’s stake brought Volare’s total stake at the time to 464.3 million units representing a 41.27% stake in AIR.
Following this, the offer closing date has now been extended till 5.30pm on Feb 24, from Feb 10 previously.
Units in AIR closed 0.5 cents higher at 48.5 cents on Feb 9.
