Plans for Paragon AEI ‘well advanced’ before ‘unsolicited’ CICT offer: Cuscaden Peak
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Cuscaden Peak announced that its plans for a major asset enhancement initiative (AEI) at Paragon were well advanced when it received an unsolicited S$3.9 billion acquisition offer from CapitaLand Integrated Commercial Trust (CICT). The company, which recently took Paragon Reit private, emphasized the AEI's potential as a growth catalyst despite previous warnings to unitholders about construction risks. Cuscaden Peak's board accepted CICT's offer after careful consideration of strategic priorities and the substantial AEI preparation already undertaken. CICT plans to evaluate further enhancement opportunities post-transaction.
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