SM REIT eligibility restrictions bar offers with debarment, wilful default or fugitive offender links and require asset and unitholder thresholds.

An SM REIT cannot make an initial offer where debarment, wilful default, fugitive economic offender status, or unpaid Board/stock-exchange fines exist in relation to the REIT, its parties, promoters or directors, subject to a proviso allowing expired debarments and an exclusion for directors appointed by debenture trustee nomination. Offers require that the proposed asset meets the prescribed asset-size requirement, ownership may be fulfilled before allotment if a binding acquisition agreement and disclosures/declarations to the Board and designated exchanges are made, and the scheme attains the prescribed minimum number of unitholders excluding the investment manager and related parties, with a migration exception for approved migration plans.

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