<p>【新加坡】Cuscaden Peak 透露，在 2026 年初收到 CapitaLand Integrated Commercial Trust (CICT) 的 “非自願” 收購要約時，其在 Paragon 進行重大資產提升計劃（AEI）的計劃已 “相當成熟”。</p>
<p>該公司在 4 月 24 日（星期五）為提議的 39 億新元出售辯護，強調其戰略轉型是在將 Paragon 房地產投資信託（Reit）私有化以保護公眾持有人免受 AEI 重大規模和執行風險的幾個月後進行的。</p>
<p>在 Paragon Reit 退市後，Cuscaden Peak 表示，其對 AEI 的準備工作顯著加速。這項初步工作的整體結果確認了資本支出範圍為 3 億新元至 6 億新元，具體取決於最終的範圍和設計，Cuscaden Peak 表示。</p>
<p>初步評估還表明，該項目可能需要三到四年才能完成，時間表的延長可能受到監管批准和施工延誤的影響。</p>
<p>但此次改造現在被視為增長催化劑，儘管之前已警告持有人，繼續持有意味着要經歷一段痛苦的施工塵埃、執行風險和每單位分配減少的時期。</p>
<p>儘管進行了廣泛的前期工作，Cuscaden Peak 的董事會最終決定根據其治理框架接受 CICT 的 “意外” 要約。該公司指出，該報價 “經過仔細考慮……考慮到 Cuscaden Peak 的戰略優先事項和 Paragon 的長期需求、已經進行的 substantial AEI 準備工作、預期的 AEI 時間表和相關風險”。</p>
<p>該公司還澄清，提議的 39 億新元交易價值與 Paragon 的永久產權相關，包括 Paragon Reit 以前持有的 99 年租賃權益和 Cuscaden Peak 持有的迴歸永久產權。</p>
<p>因此，該永久產權交易價值與 2025 年私有化期間使用的租賃估值並不直接可比，它補充道。</p>
<p>交易完成後，CICT 計劃根據其內部流程和批准，對該購物中心的資產提升機會進行自己的評估。</p>

凱德商用新加坡

<p>Cuscaden Peak 宣佈，其在 Paragon 的重大資產提升計劃（AEI）已進展順利，此時收到了來自凱德綜合商業信託（CICT）未經過請求的 39 億新元收購報價。該公司最近將 Paragon Reit 私有化，強調儘管之前曾對持有人發出關於施工風險的警告，但 AEI 仍具有作為增長催化劑的潛力。Cuscaden Peak 的董事會在仔細考慮戰略優先事項和已進行的 substantial AEI 準備工作後，接受了 CICT 的報價。CICT 計劃在交易後評估進一步的提升機會</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 “非自願” 收購要約時，其在 Paragon 進行重大資產提升計劃（AEI）的計劃已 “相當成熟”。</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>該公司在 4 月 24 日（星期五）為提議的 39 億新元出售辯護，強調其戰略轉型是在將 Paragon 房地產投資信託（Reit）私有化以保護公眾持有人免受 AEI 重大規模和執行風險的幾個月後進行的。</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 退市後，Cuscaden Peak 表示，其對 AEI 的準備工作顯著加速。這項初步工作的整體結果確認了資本支出範圍為 3 億新元至 6 億新元，具體取決於最終的範圍和設計，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>初步評估還表明，該項目可能需要三到四年才能完成，時間表的延長可能受到監管批准和施工延誤的影響。</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>但此次改造現在被視為增長催化劑，儘管之前已警告持有人，繼續持有意味着要經歷一段痛苦的施工塵埃、執行風險和每單位分配減少的時期。</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>儘管進行了廣泛的前期工作，Cuscaden Peak 的董事會最終決定根據其治理框架接受 CICT 的 “意外” 要約。該公司指出，該報價 “經過仔細考慮……考慮到 Cuscaden Peak 的戰略優先事項和 Paragon 的長期需求、已經進行的 substantial AEI 準備工作、預期的 AEI 時間表和相關風險”。</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>該公司還澄清，提議的 39 億新元交易價值與 Paragon 的永久產權相關，包括 Paragon Reit 以前持有的 99 年租賃權益和 Cuscaden Peak 持有的迴歸永久產權。</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，該永久產權交易價值與 2025 年私有化期間使用的租賃估值並不直接可比，它補充道。</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>交易完成後，CICT 計劃根據其內部流程和批准，對該購物中心的資產提升機會進行自己的評估。</p>
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Cuscaden Peak 表示，在收到 CICT 的 “主動” 報價之前，Paragon AEI 的計劃已經 “進展順利”