Paragon REIT (SGX:SK6U) has entered into a put and call option deed through its trustee, DBS Trustee, to finalize the sale of its stake in Figtree Grove Shopping Centre, according to a filing with the Singapore Exchange on Tuesday.
As part of the agreement, the purchaser has deposited AU$9.6 million, equivalent to 5% of the divestment consideration, signaling their commitment to the transaction.
In an earlier filing, the REIT said it had decided to sell its 85% stake in Figtree Grove Shopping Centre in New South Wales, Australia, for AU$192 million, a 5% premium over its October valuation of AU$183 million.
The sale, set for completion in the first quarter of fiscal year 2025, will generate net proceeds of SG$142 million.
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