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Friday April 08, 12:00
Singapore REIT bid faces risks
(by Dr. Goldfinger)
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FashionGates.com
Bid for a Singapore real-estate investment trust by Ergo Versicherungsgruppe AG, German insurance company, faces risks as the bondholders can wind up the deal this month, people familiar with the matter said.
A S$1 billion (US$600 million) deal is expected to dwindle down the expectations of the rival Suntec Real Estate Investment Trust that offered S$1.4 billion for the assets that Ergo intended to list.
On Thursday, Suntec confirmed that it made an unconditional bid in March for Ergo’s stakes in Ngee Ann City and Wisma Atria, the prime office and real estate along Orchard Road, Singapore’s main shopping district.
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