First REIT (SGX:AW9U) received a preliminary non-binding letter of intent from Siloam International Hospitals to acquire the REIT's portfolio of hospital assets in Indonesia, according to a filing with the Singapore Exchange on Monday.
Siloam is an existing tenant and operator of the assets and is majority owned by a fund managed by CVC Capital Partners.
Following the receipt of the LOI, the REIT has decided to undertake a strategic review and explore available options.
Citigroup Global Markets Singapore has been appointed to assist with the process, the filing added.
Shares of the REIT were up nearly 4% in recent trading.
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