Cuscaden Peak offers to take Paragon REIT private in $2 billion deal (updated)

Paragon REIT

11/02/2025 24:31

(Updates with details from paragraph 2 onwards)
       Feb 11 (Reuters) - Singapore's Paragon REIT  PARA.SI 
said on Tuesday that it had received a privatisation offer from
its top shareholder Cuscaden Peak, valuing the real estate firm
at S$2.78 billion ($2.05 billion).
    Cuscaden Peak, which holds an indirect stake of about 61% in
Paragon REIT, has proposed to buy the rest of the company at
S$0.98 per share through its unit Times Properties Private.
    The offer price represents a 10.1% premium to the stock's
last close on Monday and a 4.4% premium to the company's fiscal
2024 net asset value per unit of S$0.9385.
    Paragon REIT is expected to be delisted by the end of May
and will become a unit of Cuscaden Peak after privatisation.
    Additionally, Times Properties Private aims to undertake
asset enhancement initiative, as Paragon REIT's portfolio
heavily relies on 30-year old mall Paragon.
    Cuscaden Peak is a real estate firm jointly owned by
Mapletree Investments and CLA Real Estate Holdings, which are
ultimately controlled by Singapore state investor Temasek.
    Citigroup Global Markets Singapore is the financial adviser
to Times Properties Private, while Morgan Stanley Asia
(Singapore) is the financial adviser to Paragon REIT.

($1 = 1.3557 Singapore dollars)

 (Reporting by Sherin Sunny & John Biju in Bengaluru; Editing by
Mohammed Safi Shamsi, Rashmi Aich and Subhranshu Sahu)
 ((Sherin.Sunny@thomsonreuters.com; 
John.Biju@thomsonreuters.com;))