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;))
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