Paragon REIT has turned down an offer by Cuscaden Peak to buy the Seletar Mall.
The $550 million offer was made under the rights of first refusal Paragon REIT has over this asset.
Paragon REIT explains that the acquisition will not be in the best interests as it will be dilutive to its distribution per unit.
The Manager will continue to explore opportunities for the acquisition of yield-accretive assets which are in line with its investment criteria and strategy.
Paragon REIT closed at 83 cents on Feb 29.
