Pacific Star increases stake in Prime REIT to 50%

Singapore-based real estate investment house Pacific Star Group has agreed to buy the 25 percent stake held by MEAG Munich Ergo Asset Management in Prime REIT Management Holdings.

Prime REIT owns 100 percent of listed Macquarie Pacific Star Prime REIT Management. It is also the sole owner of Macquarie Pacific Star Property Management, which is the property manager of MMP REIT.

The purchase will increase Pacific Star’s interest in Prime REIT to 50 percent. Pacific Star’s existing stake in Prime REIT is held through its associated company Investmore Enterprises.

Pacific Star said the purchase reaffirms its commitment to the growth of the REIT industry in Singapore. – CNA /ls

Source : Channel NewsAsia – 29 May 2008

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