PAG returns with hostile offer for HK-Listed Reit

Fund manager PAG Real Estate has made a cash offer of HK$4.85 for each unit of Spring Real-Estate Investment Trust, the first ever voluntary general takeover offer for a Hong Kong-listed Reit.

PAG Real Estate, part of Asian alternative investment management firm PAG, said the offer had not been negotiated with Spring Reit's manager or its board.

The offer, representing a 61.7% premium over the closing price of HK$3 per unit on September 24, is well above the highest price Spring Reit has ever traded, and some 27% above its IPO price, according to a filing with the Hong Kong stock exchange.

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