PAG Real Estate will terminate Spring REIT bid if Guangdong Shopping Center acquisition proceeds

RE Strategic Investments Pte. Ltd., an entity associated with PAG Real Estate, has formally opened its voluntary conditional cash offer of HK$4.85 ($0.62) for each unit of Spring REIT for unitholder acceptances.

On Sept. 26. the firm launched its unsolicited takeover bid for Spring REIT.

The offer has also now confirmed that if the manager of Spring REIT pushes ahead with the Guangdong shopping center acquisition, and it is approved by unitholders, then PAG Real Estate will not proceed.

“Spring REIT unitholders need to act promptly if they wish to accept this very attractive cash offer,” said Broderick Storie, PAG Real Estate partner. “The safest way to keep the offer alive is to accept before Monday, Oct. 15. If the vote for the Guangdong acquisition goes through, we will terminate our offer and no unitholders will be paid.”

Spring REIT reached a deal to buy a shopping mall in China’s Guangdong Province for approximately 1.65 billion Chinese yuan ($240.92 million