More delisting are on the way to our precious REITs arena as the latest news that Fraser Hospitality Trust (“FHT”) will be privatized after a strategic review comes in to decide to delist the REIT. The Scheme Consideration of $0.70 in cash per scheme stapled security represents: 1.) a premium of 43.8% and 16.7% over the 12-month VWAP and recent analyst consensus target price respectively; and 2.) an implied P/NAV multiple of 1.07x, which exceeds historical averages of FHT’s trading multiples since IPO, current trading multiples of other listed Singapore hospitality trusts, and precedent S-REIT privatisations. The stock last closed at $0.66 before it was halted before the news announcement came in. Is It A Fair Deal? The offer of $0.70 is pretty much a fair deal but whether you are happy as an investor receiving the deal will depend on when you purchase the REIT....