SPH REIT has obtained the approval of its trustee to change its name to Paragon REIT.
The name change will take effect from Jan 3, 2023, onwards.
The counter code of the REIT will remain unchanged at SK6U.
According to the REIT manager, the new name is “synonymous with quality and excellence”. It also “better reflects” the trust’s vision and mission to capture unique opportunities in the Asia-Pacific retail landscape. In addition, the name change is said to provide and opportunity to better align its corporate identity with its new sponsor, Cuscaden Peak Investments.
The newly-named REIT will continue to be led by its current manager. It will also retain its investment mandate, and manage its existing portfolio of assets.
“Paragon – the pinnacle of excellence – is also the name of our crown jewel, Paragon Shopping Centre. We have always striven for excellence; to be a premier retail real estate investment trust in Singapore and Asia Pacific, with a portfolio of quality income-producing retail properties. Our change in name underscores our mission to be the landlord of choice, and to provide our unitholders with sustainable long-term growth,” says Dr Leong Horn Kee, chairman of Paragon REIT.
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“Our new brand fully aligns with the excellence that we aim to achieve for all our stakeholders. This enhances our brand equity and positioning as we continue to evolve and grow the business. We have intentionally retained certain elements from our previous logo, such as the colours and typography, as a reminder of the practices and values which have contributed to our strong foundation and brought us success over the last 10 years of listing. This is an exciting new chapter, and we look forward to another decade and beyond of sustainable growth and maximising value for our stakeholders,” says Susan Leng, CEO of Paragon REIT.
As at 9.59am, units in SPH REIT are trading flat at 90 cents.
