S.F. Holding has agreed to pay about HK$2.61bn to take back the logistics properties it injected into SF Real Estate Investment Trust, a deal announced on 29 October 2026 that will lead to the Hong Kong-listed trust being terminated and delisted.
Why S.F. Holding Co., Ltd. is buying SF Real Estate Investment Trust (SF Logistics Holdings and its four logistics properties)
S.F. Holding said it had planned to use SF REIT as a long-term capital-recycling platform but that the macroeconomic environment and limited trading liquidity in the units had constrained its ability to raise equity and grow. Buying back the assets restores full control of the properties, lets it manage its logistics estate more flexibly and removes duplicated administrative costs.
Deal terms and financing
The buyer will acquire all shares of SF Logistics Holdings and the intercompany balance owed to the trust for about HK$2,611m. SF Holding's HK$952m entitlement to the special distribution on its 300.4m units will be offset, leaving HK$1,659m to be paid in cash at completion. Other unitholders will receive HK$3.28 per unit in total within seven business days of completion.
Regulatory approvals and timing
The disposal, termination and delisting require approval by independent unitholders at an extraordinary general meeting, and the SFC must grant waivers from the REIT Code. The offer period under the Takeovers Code began with the announcement. S.F. Holding said its own shareholders do not need to vote.
Market context
SF REIT listed in May 2021, raising about HK$2.6bn, as the first logistics-focused REIT on the Hong Kong exchange. Its units rose more than 14% in early trading on 30 October after the announcement, according to Zhitong Finance.
