PAG Real Estate fails to gain majority control of Spring REIT

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PAG Real Estate has failed in its bid to gain control over at least 50% of the total units in issue for Spring REIT.

A cash offer made by an entity of PAG Real Estate, RE Strategic Investments, to unitholders of Spring REIT has reached its deadline without reaching the minimum acceptance condition.

Acceptances received at the close of the offer’s deadline, combined with PAG Real Estate’s own associates’ existing unitholdings in the REIT, reached a level of just 41.5%.

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