Cuscaden Peak’s offer for SPH Reit turns unconditional

Michelle Zhu

Published Thu, Jun 2, 2022 · 08:22 AM

CUSCADEN Peak’s mandatory cash offer to acquire all units of SPH Reit : SK6U 0% has turned unconditional in all respects, according to a bourse filing on Thursday (Jun 2).

As at 6 pm on Wednesday, offeror Cuscaden Peak had received valid acceptances of its chain offer in respect of approximately 4.64 per cent of total issued SPH Reit units.

This brings the total number of units owned, controlled, acquired or agreed to be acquired by the offeror and its concert parties to around 1.46 billion, representing 51.96 per cent of the total number of issued SPH Reit units.

The closing date for the chain offer has also been extended for 2 weeks to 5.30 pm on Jun 30.

Cuscaden is a consortium comprising locally listed hotel and property owner Hotel Properties : H15 0%, businessman Ong Beng Seng, as well as Temasek-linked entities CLA and Mapletree Investments, whose businesses span the real estate sector.

The investment vehicle in April 2022 offered to acquire SPH Reit at the minimum offer price of S$0.9372 per unit, following the completion of an offer by Cuscaden to take SPH (Singapore Press Holdings) private.