Croesus Retail Trust's Fuji Grand Natalie. (Photo: Croesus Retail Trust)

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.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.