BWP Trust (ASX:BWP) made an offer to acquire Newmark Property REIT (ASX:NPR) on January 24, 2024. The Merger Proposal is for an all-scrip transaction, under which NPR security holders will receive 0.4 BWP units for every 1.0 NPR security. As of March 21, 2024 BWP is announced that the Offer is now unconditional.

As at the date of this announcement, BWP holds a Relevant Interest in 93.05% per cent of NPR Securities. BWP welcomes all NPR Securityholders who have become BWP Unitholders. As BWP now holds a relevant interest in more than 90% of NPR Securities it has lodged a compulsory acquisition notice with ASIC and is proceeding with compulsory acquisition of any remaining NPR Securities.

BWP?s offer will close on May 17, 2024. BWP has engaged Highbury Partnership as financial adviser and Corrs Chambers Westgarth as legal adviser. NPR has engaged Morgan Stanley Australia Limited as its financial adviser and Herbert Smith Freehills as its legal adviser.