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Cuscaden Peak Investments offers to privatise Paragon Reit for $2.8b
February 12, 2025
|The Straits Times
Offeror plans to renovate and upgrade Paragon mall to keep it competitive
The Singapore Exchange-listed real estate investment trust (Reit) that holds Orchard Road's The Paragon mall has received a $2.78 billion buyout offer from its major shareholder.
Cuscaden Peak Investments formerly Singapore Press Holdings (SPH) proposed to privatise and delist Paragon Reit by way of a trust scheme of arrangement, they jointly announced on Feb 11.
Paragon Reit currently owns Paragon mall, which accounts for 72 per cent of the Reit's value, as well as The Clementi Mall and South Australia's Westfield Marion Shopping Centre.
The offeror plans to renovate and upgrade Paragon mall to keep it competitive with other Orchard Road malls amid a slowdown in luxury spending.
These plans may include upgrades costing between $300 million and $600 million to the mall's facade, interior and facilities, with work carried out in phases to avoid the mall's full closure.
هذه القصة من طبعة February 12, 2025 من The Straits Times.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
هل أنت مشترك بالفعل؟ تسجيل الدخول
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