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.
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