Paragon REIT divests 85% stake in Australian Mall for $168.3m

The divestment reflects a 5% premium over the independent valuation of $160.3m.

Paragon REIT through its 85% owned trust, Figtree Trust, has entered into a put and call option deed to divest its 85% stake in Figtree Grove Shopping Centre in Australia for $168.3m (A$192.0m).

The divestment consideration reflects a $7.88m (A$9.0m) or 5% premium over the independent valuation of $160.3m (A$183.0) as of October.

The $142m net proceeds from the transaction will be used to repay debt, finance capital expenditures, asset enhancement works, and/or acquisitions; distribute to unitholders; and/or finance general corporate and working capital requirements.

The divestment is part of the REIT’s proactive asset management and enhancement strategies to optimise its portfolio and unlock strategic value for capital redeployment.

The divestment, which is expected to be completed by Q1 2025, will leave PARAGON REIT’s portfolio with three prime retail properties across Singapore and Australia.

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