An independent financial advisor (IFA) has issued a letter to unitholders of Spring REIT, recommending them to reject the voluntary cash offer of HKD4.85 for each unit of the REIT.

Offer for units of the REIT is being made by RE Strategic Investments Pte Ltd, an entity associated with PAG Real Estate.

In its response to the recommendation, PAG Real Estate reminded unitholders that Spring REIT has never traded anywhere near its net asset value (NAV) per unit, and that the REIT is about to proceed with an acquisition that would further reduce its NAV.

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