Buyout of Singapore-listed Perennial China Retail Trust finalised

THE buyout of Singapore-listed Perennial China Retail Trust (PCRT) by its parent has been finalised.

The trust's parent Perennial Real Estate Holdings (PREH) said in a Singapore Exchange filing on Wednesday that it has issued just over 92 million new PREH shares in payment for the PCRT units it has acquired.

The shares were exchanged at 70 cents each.

Units of PCRT, which owns shopping malls across China, were suspended from trading earlier this week after PREH secured acceptances that took its ownership of PCRT to 96.3 per cent. PREH will move to de-list PCRT.

For its part, PREH's shares will start trading on the Singapore Exchange on Dec 31 after a $1.56 billion reverse takeover of nightlife firm St James Holdings.

PREH's portfolio comprises mixed-use developments in China worth $13.1 billion, as well as properties here - including Capitol Singapore, Chijmes and TripleOne Somerset.