Paragon Reit jumps 11.8% on privatisation offer

UNITS of Paragon Real Estate Investment Trust (Paragon Reit) jumped on Tuesday (Feb 11) after the manager announced that it received a S$0.98-per-unit privatisation offer from Times Properties.

The counter surged 11.8 per cent or S$0.105 to S$0.995 after the mid-day trading break, during which it asked for its trading halt to be lifted. The Reit manager had called for a trading halt in the morning to announce the privatisation offer and its full-year earnings.

The last time Paragon Reit traded at such levels was in January 2023. By 2.03 pm, the counter was up 11.2 per cent or S$0.10 at S$0.99.

Times Properties, a wholly owned subsidiary of Cuscaden Peak Investments, is looking to take Paragon Reit private by way of a trust scheme of arrangement, for S$0.98 per unit.

The offeror is looking to acquire all units in Paragon Reit held by unitholders, other than Cuscaden Peak and its subsidiaries.