Singapore’s PARAGON REIT Management Pte. Ltd has announced that it has decided to divest it stake in Figtree Trust’s interest in Figtree Grove Shopping Centre for a cash consideration of $124.88 million, which was arrived at on a willing buyer and willing seller basis after taking into account the independent valuation of the Property of $119.03 million as at 31 October 2024.
As part of its proactive asset management and enhancement strategies, PARAGON REIT regularly evaluates opportunities to optimise its quality portfolio and to unlock strategic value for redeployment of capital to initiatives to enhance returns to its unitholders.
The divestment consideration $124.85 million include $5.85 million or 5% premium over the independent valuation of $118.99 million as at 31 October 2024. The divestment consideration enables PARAGON REIT to divest at a premium while maintaining a strong foothold in its key markets.
The net proceeds from the Divestment for PARAGON REIT’s 85% interest in the Property of approximately $105.4 million will provide the PARAGON REIT with greater financial flexibility to repay debt, to finance any capital expenditure, asset enhancement works and/or acquisitions, distribute to Unitholders and/or to finance general corporate and working capital requirements.
Completion of the Divestment is anticipated to take place by first quarter of 2025. Upon completion, PARAGON REIT’s portfolio will comprise three prime retail properties across Singapore and Australia, underpinned by core assets, Paragon and The Clementi Mall, which will remain a significant component of PARAGON REIT’s portfolio, contributing approximately 83% and 87% of PARAGON REIT’s net property income and assets under management respectively.
Figtree Grove Shopping Mall
The property is a sub-regional shopping centre located on 19 & 23 Princes Highway, Figtree, Wollongong in New South Wales in Australia. It is located approximately 5.5 km south-west of the Wollongong Central Business District and approximately 70 km south-west of the Sydney Central Business District.
The Property sits on a freehold land area of 51,366 sq. m., and has a total Gross Lettable Area (“GLA”) of 21,984 sq. m. with 921 carpark lots.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
Dubai’s property market has moved beyond the “hot market” phase into a new era of…
Busy November drives deals to new high of 19,016 so far Dubai, UAE, 3rd December,…
Dubai-based Invictus Investment has quietly done something strategically loud. The agrifood and FMCG trader announced…
Abu Dhabi — For decades, commentators have blamed a perceived “knowledge deficit” for parts of…
Dubai has announced a massive 22-million-sq-ft Auto Market with 1,500 showrooms, a DP World–led project…