Blackstone offers to acquire units of Croesus Retail Trust for SGD1.17 each

0

Blackstone Real Estate has made an offer to acquire all units of Singapore-listed Croesus Retail Trust for SGD1.17 each, the latter confirmed on 28 June via a regulatory filing with the Singapore Exchange.

The offer has been made through Blackstone’s locally incorporated subsidiary, Cyrus BidCo Pte Ltd, and values the Japan-focused retail trust at approximately SGD900.6 million (USD650 million).

Units of Croesus Retail Trust were suspended from trading on the Singapore Exchange on 27 June pending the announcement, but the halt was lifted on 28 June at around noon.

In addition to the offer price, unitholders may also be entitled to receive distributable income of up to SGD31.3 million, which translates to about 4.06 Singapore cents per unit.

Croesus Retail Trust was listed on the Singapore Exchange in mid-2013 at an initial public offering (IPO) price of SGD0.93 per unit.

To read the full article, please login or register.

Share.

About Author

Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

Comments are closed.