SINGAPORE – SPH Reit will change its name to Paragon Reit to better reflect the real estate investment trust’s vision and mission to capture unique opportunities in the Asia-Pacific retail landscape, its Reit manager said on Thursday.
The names of its security, counter and manager – along with the Reit’s logo and website – will reflect the new name with effect from Jan 3 at 9am.
The Reit manager added that the trust will be “bolstered by the deep real estate sector knowledge and strong relationships” of its sponsor, Cuscaden Peak Investments.
Cuscaden Peak Investments, formerly known as Singapore Press Holdings (SPH), is a wholly owned subsidiary of Cuscaden Peak. Cuscaden Peak is a consortium comprising tycoon Ong Beng Seng’s Hotel Properties, and Temasek-linked CLA Real Estate Holdings and Mapletree.
The Reit’s existing counter code – SK6U – on the Singapore Exchange will remain unchanged.
It will also continue to be led by the current management team, retain its investment mandate and manage its existing portfolio of assets.
SPH Reit’s portfolio includes its anchor asset, Paragon, along with The Clementi Mall and The Rail Mall, and two malls in Australia.
“Our change in name underscores our mission to be the landlord of choice, and to provide our unit holders with sustainable long-term growth,” said Dr Leong Horn Kee, chairman of the Reit.
Units of SPH Reit closed down one cent, or 1.11 per cent, at 89 cents on Thursday. THE BUSINESS TIMES