Singapore-listed, Japan-focused retail REIT, Croesus Retail Trust (SGX:S6NU) announced on 14 August that it has declined an offer to acquire Marubeni Corporation’s interest in a retail development project located in Jiading, Shanghai.
The offer to acquire Marubeni’s stake was made pursuant to the right of first refusal agreement entered into between the manager of Croesus Retail Trust and Marubeni Corporation on 19 April 2012. Marubeni had made the offer as it received an unsolicited offer from an unrelated third-party to acquire its interest in the Maluzhen retail development project.
“In this regard, [Croesus Retail Asset Management] has considered the offer and is of the view that acquiring Maluzhen Retail Project would not be in the best interests of Croesus Retail Trust for various reasons, including that [the REIT’s]focus currently is on Japan”, read the announcement on 14 August.
The REIT has however reiterated that it will continue pursuing selective acquisition opportunities which meet the its investment criteria.
Units of Croesus Retail Trust are currently listed on the Singapore Exchange at SGD0.92.