Purchaser exercises call option to divest Paragon REIT’s Figtree Grove

Nicole Lim

14 Jan

The purchaser, an unrelated party, has paid a deposit of A$9.6 million to Figtree Trust.

The call option to divest Figtree 5f4 Grove Shopping Centre under Paragon REIT has been exercised by the purchaser, with a deposit of about A$9.6 million ($8.14 million) being paid to Figtree Trust according to a filing dated Jan 14.

This comes after Paragon REIT announced that it entered into a put and call option to divest Figtree Grove Shopping Centre at Wollongong, Australia on Nov 22, 2024 for A$192 million, a 5% premium above valuation.

The purchaser is an “unrelated party”, the release notes.

The release adds that the balance of divestment consideration will be paid by the purchaser in cash on completion of the divestment, which is expected to take place by 1QFY2025.

Upon completion, Paragon REIT will have three retail properties, Paragon, Clementi Mall and Westfield Marion. Singapore would account for 83% of net property income (NPI) and 87% of AUM.

UOB Kay Hian said on Dec 4 that Paragon REIT’s ongoing divestment of assets could be a precursor to a M&A.

In June 2024, Paragon REIT divested Rail Mall for $78.5 million, above its last valuation and the purchase price of $63.2 million.

Paragon REIT closed 1 cent higher or 1.143% up at 88.5 cents on Jan 14.

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The call option to divest Figtree 5f4 Grove Shopping Centre under Paragon REIT has been exercised by the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/purchaser-exercises-call-option-divest-paragon-reits-figtree-grove?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"5F4.SI","symbol_name":"裴格瑞","start_time":0,"source_url":"https://www.theedgesingapore.com/news/reits/purchaser-exercises-call-option-divest-paragon-reits-figtree-grove?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2503680958","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2503680958","pubTimestamp":1736821382,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"The purchaser, an unrelated party, has paid a deposit of A$9.6 million to Figtree Trust. ","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"5F4.SI":"裴格瑞","CFA.SI":"NikkoAM-STC Asia REIT","BK6045":"建筑与工程","REIT":"ALPS Active REIT ETF","BK6512":"房地产股"},"translate_title":"买方行使看涨期权选择权剥离Paragon REIT的Figtree Grove","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"5F4.SI":1,"CFA.SI":1,"REIT":1},"content_text":"The purchaser, an unrelated party, has paid a deposit of A$9.6 million to Figtree Trust. The call option to divest Figtree 5f4 Grove Shopping Centre under Paragon REIT has been exercised by the purchaser, with a deposit of about A$9.6 million ($8.14 million) being paid to Figtree Trust according to a filing dated Jan 14. \nThis comes after Paragon REIT announced that it entered into a put and call option to divest Figtree Grove Shopping Centre at Wollongong, Australia on Nov 22, 2024 for A$192 million, a 5% premium above valuation. \nThe purchaser is an “unrelated party”, the release notes. \nThe release adds that the balance of divestment consideration will be paid by the purchaser in cash on completion of the divestment, which is expected to take place by 1QFY2025. \nUpon completion, Paragon REIT will have three retail properties, Paragon, Clementi Mall and Westfield Marion. Singapore would account for 83% of net property income (NPI) and 87% of AUM. \nUOB Kay Hian said on Dec 4 that Paragon REIT’s ongoing divestment of assets could be a precursor to a M&A. \nIn June 2024, Paragon REIT divested Rail Mall for $78.5 million, above its last valuation and the purchase price of $63.2 million. \nParagon REIT closed 1 cent higher or 1.143% up at 88.5 cents on Jan 14.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}