An undisclosed buyer agreed to acquire The Rail Mall from Paragon REIT (SGX:SK6U) for SGD 78.5 million on June 20, 2024. A cash consideration of SGD 78.5 million will be paid by the buyer. The expected completion of the transaction is in 2H FY2024.

The net proceeds from the Divestment will be deployed to pare down outstanding debt obligations, finance potential acquisitions and asset enhancement initiatives, and/or make distributions to unitholders.