Cuscaden Peak’s chain offer for SPH REIT turns unconditional

The Paragon Mall at Singapore's Orchard Road shopping belt is part of SPH REIT's portfolio. Photo taken in January 2022The Paragon Mall at Singapore's Orchard Road shopping belt is part of SPH REIT's portfolio. Photo taken in January 2022

Cuscaden Peak’s chain offer to acquire all of SPH REIT’s units has become unconditional, as acceptances of the bid pushed its holding over the 50 percent threshold, the offeror said in a filing to SGX early Thursday.

As of Tuesday, Cuscaden Peak owned, controlled or agreed to acquire around 52 percent of SPH REIT’s units, the filing said.

Cuscaden Peak, the consortium which bought Singapore Press Holdings (SPH), set the price for the chain offer for all the units of SPH REIT at S$0.9372 a unit. The units ended Tuesday at S$0.945.

The consortium was required to make the offer after the results of shareholders’ choice of consideration for their SPH shares left Cuscaden Peak holding around 47.2 percent of SPH REIT.

The closing period for the offer has been extended to 30 June from 16 June, the filing said.

SPH REIT has a portfolio of five assets across Singapore and Australia. In Singapore, the REIT owns the Paragon mall, The Clementi Mall and The Rail Mall. In Australia, the REIT owns a 50 percent interest in Westfield Marion Shopping Centre in Adelaide, South Australia, and an 85 percent stake in Figtree Grove Shopping Centre in Wollongong, New South Wales.

Who is Cuscaden Peak?

The consortium Cuscaden Peak includes Tiga Stars, a wholly owned subsidiary of tycoon Ong Beng Seng’s Hotel Properties, and Adenium, which is a wholly owned subsidiary of Temasek portfolio company CLA Real Estate Holdings, as well as Mapletree Investments‘ indirect wholly owned subsidiary Mapletree Fortress. Mapletree Investments is wholly owned by Singapore state-owned investment company Temasek.

Cuscaden Peak is 40 percent owned by Tiga Stars, 30 percent by Adenium and 30 percent by Mapletree Fortress. Tiga Stars is 70 percent owned by Hotel Properties, with the remainder held by Como Holdings, which is ultimately owned by Ong Beng Seng, who is the controlling shareholder of Singapore-listed Hotel Properties. Adenium is wholly owned by CLA Real Estate Holdings, which is an independently managed portfolio company of Temasek.