Paragon REIT declines acquisition offer for The Seletar Mall

The REIT cited the potential dilution of DPU as a factor that led to the decision.

The PARAGON REIT Management Pte. Ltd., acting as the manager of PARAGON REIT, has declined the acquisition offer for The Seletar Mall in Sengkang from Cuscaden Peak Investments Private Limited.

The offer, valuing the Singapore suburban mall at $550m, was made per the right of first refusal letter dated 9 July 2013.

Factors contributing to the decision include the potential dilution of PARAGON REIT’s distribution per unit resulting from the transaction.

"The trustee and the manager have considered the offer and are of the view that acquiring The Seletar Mall based on the proposed terms set out in the offer would not be in the best interests of PARAGON REIT for a number of reasons, including that the transaction will be dilutive to PARAGON REIT’s distribution per unit," PARAGON REIT said.

PARAGON REIT said it will actively pursue opportunities to acquire yield-accretive assets that align with its investment criteria and strategic objectives.

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