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Hi owq,
Thanks for giving more context to the background of this rights, since I had not followed it closely. Indeed, pre or even post rights, ESR still don't have ownership closer to 20%. Maybe they have learnt from their Sabana REIT saga.
As for your question of "direct placement" to Sponsor, I think it is just to be fair to OPMIs. There is a huge difference in optics between "given the chance" and "no chance", even though it is "expected" that OPMIs will not take the chance, isn't it?
Thanks for giving more context to the background of this rights, since I had not followed it closely. Indeed, pre or even post rights, ESR still don't have ownership closer to 20%. Maybe they have learnt from their Sabana REIT saga.
As for your question of "direct placement" to Sponsor, I think it is just to be fair to OPMIs. There is a huge difference in optics between "given the chance" and "no chance", even though it is "expected" that OPMIs will not take the chance, isn't it?
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.