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[SINGAPORE] As the local bourse waits for potential new real estate investment trust (Reit) listings to materialise, Paragon Reit , which went public in July 2013, might be delisted soon.
The fate of Times Properties’ proposed privatisation of Paragon Reit via a trust scheme of arrangement lies solely with minority investors who meet in an extraordinary general meeting (EGM) and scheme meeting on Apr 22. If the scheme becomes effective, subject to Singapore Exchange’s approval, Paragon Reit will be delisted.
Times Properties is a wholly owned subsidiary of Paragon Reit’s sponsor Cuscaden Peak Investments, which is in turn owned by Cuscaden Peak – a consortium comprising Temasek’s CLA Real Estate Holdings and Mapletree Investments. Cuscaden Peak and its subsidiaries, which own 61.5 per cent of the Reit’s units, will abstain from voting at the above meetings.
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