PAG, private equity fund, has made an voluntary offer to acquire all of the outstanding shares of Spring Real Estate Investment Trust, valuing the company at HK$6.15bn. the HK$4.85-per-share offer represents a 62 per cent premium to the share price. “Spring Reit holders have to weigh up this tremendous cash premium against the downside risks and uncertainty of remaining invested with Spring Reit’s current manager." Broderick Storie, PAG Real Estate partner