<p>【新加坡】Cuscaden Peak 透露，在 2026 年初收到 CapitaLand Integrated Commercial Trust (CICT) 的 “非自愿” 收购要约时，其在 Paragon 进行重大资产提升计划（AEI）的计划已 “相当成熟”。</p>
<p>该公司在 4 月 24 日（星期五）为提议的 39 亿新元出售辩护，强调其战略转型是在将 Paragon 房地产投资信托（Reit）私有化以保护公众持有人免受 AEI 重大规模和执行风险的几个月后进行的。</p>
<p>在 Paragon Reit 退市后，Cuscaden Peak 表示，其对 AEI 的准备工作显著加速。这项初步工作的整体结果确认了资本支出范围为 3 亿新元至 6 亿新元，具体取决于最终的范围和设计，Cuscaden Peak 表示。</p>
<p>初步评估还表明，该项目可能需要三到四年才能完成，时间表的延长可能受到监管批准和施工延误的影响。</p>
<p>但此次改造现在被视为增长催化剂，尽管之前已警告持有人，继续持有意味着要经历一段痛苦的施工尘埃、执行风险和每单位分配减少的时期。</p>
<p>尽管进行了广泛的前期工作，Cuscaden Peak 的董事会最终决定根据其治理框架接受 CICT 的 “意外” 要约。该公司指出，该报价 “经过仔细考虑……考虑到 Cuscaden Peak 的战略优先事项和 Paragon 的长期需求、已经进行的 substantial AEI 准备工作、预期的 AEI 时间表和相关风险”。</p>
<p>该公司还澄清，提议的 39 亿新元交易价值与 Paragon 的永久产权相关，包括 Paragon Reit 以前持有的 99 年租赁权益和 Cuscaden Peak 持有的回归永久产权。</p>
<p>因此，该永久产权交易价值与 2025 年私有化期间使用的租赁估值并不直接可比，它补充道。</p>
<p>交易完成后，CICT 计划根据其内部流程和批准，对该购物中心的资产提升机会进行自己的评估。</p>

凯德商用新加坡

<p>Cuscaden Peak 宣布，其在 Paragon 的重大资产提升计划（AEI）已进展顺利，此时收到了来自凯德综合商业信托（CICT）未经过请求的 39 亿新元收购报价。该公司最近将 Paragon Reit 私有化，强调尽管之前曾对持有人发出关于施工风险的警告，但 AEI 仍具有作为增长催化剂的潜力。Cuscaden Peak 的董事会在仔细考虑战略优先事项和已进行的 substantial AEI 准备工作后，接受了 CICT 的报价。CICT 计划在交易后评估进一步的提升机会</p>

<p>[SINGAPORE] Cuscaden Peak has revealed that its plans for a major asset enhancement initiative (AEI) at Paragon were “well advanced” when it received an “unsolicited” acquisition offer from CapitaLand Integrated Commercial Trust (CICT) in early 2026.</p>
<div class="lb-trans"><p>【新加坡】Cuscaden Peak 透露，在 2026 年初收到 CapitaLand Integrated Commercial Trust (CICT) 的 “非自愿” 收购要约时，其在 Paragon 进行重大资产提升计划（AEI）的计划已 “相当成熟”。</p>
</div><p>The company defended the proposed S$3.9 billion sale on Friday (Apr 24), addressing its strategic pivot just months after taking Paragon Real Estate Investment Trust (Reit) private to shield public unitholders from the AEI’s significant scale and execution risks.</p>
<div class="lb-trans"><p>该公司在 4 月 24 日（星期五）为提议的 39 亿新元出售辩护，强调其战略转型是在将 Paragon 房地产投资信托（Reit）私有化以保护公众持有人免受 AEI 重大规模和执行风险的几个月后进行的。</p>
</div><p>Following the delisting of Paragon Reit, Cuscaden Peak stated that its preparations for the AEI had accelerated significantly. The totality of this preliminary work affirmed an indicative capital expenditure range of S$300 million to S$600 million, depending on the eventual scope and design, said Cuscaden Peak.</p>
<div class="lb-trans"><p>在 Paragon Reit 退市后，Cuscaden Peak 表示，其对 AEI 的准备工作显著加速。这项初步工作的整体结果确认了资本支出范围为 3 亿新元至 6 亿新元，具体取决于最终的范围和设计，Cuscaden Peak 表示。</p>
</div><p>Initial reviews also indicated that the project could take three to four years to complete, with potential timeline extensions subject to regulatory approvals and construction delays.</p>
<div class="lb-trans"><p>初步评估还表明，该项目可能需要三到四年才能完成，时间表的延长可能受到监管批准和施工延误的影响。</p>
</div><p>But the overhaul is now being presented as a growth catalyst, even though unitholders had previously been warned that staying on board meant enduring a painful period of construction dust, execution risks and lower distributions per unit.</p>
<div class="lb-trans"><p>但此次改造现在被视为增长催化剂，尽管之前已警告持有人，继续持有意味着要经历一段痛苦的施工尘埃、执行风险和每单位分配减少的时期。</p>
</div><p>Despite the extensive groundwork, Cuscaden Peak’s board ultimately decided to accept CICT’s “unexpected” offer in accordance with its governance framework. The company noted that the bid was “considered carefully... taking into account both Cuscaden Peak’s strategic priorities and Paragon’s long-term needs, the substantial AEI preparation work already undertaken, the expected AEI timeline and the associated risks”.</p>
<div class="lb-trans"><p>尽管进行了广泛的前期工作，Cuscaden Peak 的董事会最终决定根据其治理框架接受 CICT 的 “意外” 要约。该公司指出，该报价 “经过仔细考虑……考虑到 Cuscaden Peak 的战略优先事项和 Paragon 的长期需求、已经进行的 substantial AEI 准备工作、预期的 AEI 时间表和相关风险”。</p>
</div><p>The company also clarified that the proposed S$3.9 billion transaction value relates to Paragon on a freehold basis, encompassing both the 99-year leasehold interest formerly held by Paragon Reit and the reversionary freehold title held by Cuscaden Peak.</p>
<div class="lb-trans"><p>该公司还澄清，提议的 39 亿新元交易价值与 Paragon 的永久产权相关，包括 Paragon Reit 以前持有的 99 年租赁权益和 Cuscaden Peak 持有的回归永久产权。</p>
</div><p>Consequently, this freehold transaction value is not directly comparable to the leasehold valuation used during the 2025 privatisation, it added.</p>
<div class="lb-trans"><p>因此，该永久产权交易价值与 2025 年私有化期间使用的租赁估值并不直接可比，它补充道。</p>
</div><p>Following the transaction’s completion, CICT intends to undertake its own evaluation of asset enhancement opportunities for the mall, subject to its internal processes and approvals.</p>
<div class="lb-trans"><p>交易完成后，CICT 计划根据其内部流程和批准，对该购物中心的资产提升机会进行自己的评估。</p>
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Cuscaden Peak 表示，在收到 CICT 的 “主动” 报价之前，Paragon AEI 的计划已经 “进展顺利”