The Reit's trustee, DBS Trustee Limited, had entered into a conditional share purchase agreement with seller Horizon Thrive International to acquire all shares in Premier Outlets Investment, which holds the company that owns Badaling Outlets.
The Reit manager had proposed to issue up to 260 million new units to satisfy part of the purchase price, and to pay S$260 million in cash. "The impact of Covid-19 on the equity markets may not be favourable for the manager in obtaining equity financing to part-finance the purchase consideration for the acquisition to be attractive," it said.
The crisis has since affected these bases, and in turn, the valuation of Badaling Outlets, which was obtained by the Reit manager and trustee based on the agreements and on pre-Covid-19 conditions.
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