Paragon REIT (SGX:SK6U) will 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, according to a Friday filing on the Singapore Exchange.
The sale, set for completion in the first quarter of fiscal year 2025, will generate net proceeds of SG$142 million.
These funds will support debt reduction, asset enhancements, and potential distributions to unitholders. Paragon REIT's portfolio will remain focused on its core assets, Paragon and The Clementi Mall, in Singapore and Australia.
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