Soilbuild Group Executive Chairman Lim Chap Huat and Blackstone are offering S$0.55 per share in cash to take the Singapore-focused company private to help it weather challenging market conditions and an uncertain global economic recovery from the coronavirus fallout.

"Given the various challenges and constraints faced by SB REIT ... we believe this proposal by Blackstone presents the best option for minority Soilbuild unitholders based on the offers received," Huat said in a statement.

As of Dec. 14, Huat and his family collectively own about 30.3% in the real estate firm.

Soilbuild REIT, which was listed on the Singapore exchange in 2013, holds about 13 properties ranging from business parks to industrial complexes - largely in Singapore. The company saw a drop in its local portfolio value at the end of the third quarter due to the impact of the outbreak.

The buyout offer of S$0.55 represents a 7.8% premium to the REIT's last close on Dec. 8, when shares last traded before a halt.

Soilbuild Group, which owns three properties in Australia, also sold its Australian assets to Blackstone-related entities for A$232.3 million ($175.01 million) on Monday as part of deal conditions.

($1 = 1.3352 Singapore dollars)

($1 = 1.3273 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru, additional reporting by Nikhil Kurian Nainan, Editing by Sherry Jacob-Phillips)