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Blackstone proposes Croesus Retail Trust takeover

Blackstone Real Estate has made an offer for all units of Croesus Retail Trust (CRT), the Singapore trust says.

The acquisition will be by way of a trust scheme, with a consideration of S$1.17 (US85c) in cash per unit. This implies an equity value of about $900.6 million for CRT.

“The scheme represents an opportunity for unitholders to realise their investment at an attractive valuation, and at significant premiums,” says CRT.

CRT chairman/independent director David Lim says he was “pleased” to receive Blackstone’s proposal to privatise the trust via a trust scheme.

With CRT having an established portfolio of Japanese retail assets, the transactions represents a good opportunity for Blackstone to expand its platform in Japan, says Blackstone Group senior MD Christopher Heady.


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