SPH Reit offer closes; Cuscaden to own 61.7% 

THE chain offer for SPH Reit has closed with valid acceptances in respect of 402.9 million units, representing about 14.36 per cent of total issued units, according to a bourse filing on Thursday (Jun 30) night.

This will bring the Cuscaden Peak and its concert parties’ stake in the real estate investment trust (Reit) to 61.68 per cent, or about 1.73 billion units. 

The offer had previously turned unconditional on Jun 1 after it received valid acceptances representing about 4.64 per cent of total issued SPH Reit units.

Cuscaden, a consortium comprising Hotel Properties, businessman Ong Beng Seng and 2 Temasek-linked entities CLA and Mapletree, had in April 2022 offered to acquire SPH Reit at the minimum offer price of S$0.9372 per unit.

This came following the completion of an offer by Cuscaden to take SPH (Singapore Press Holdings) private, which resulted in Cuscaden and its concert parties owning 47.2 per cent of SPH Reit.

Units of SPH Reit ended Thursday at S$0.935, down S$0.005 or 0.5 per cent, before the announcement.