RHB has recommended for unit holders of Suntec Real Estate Investment Trust (Reit) to reject the mandatory conditional cash offer for its units.

Property tycoon Gordon Tang and his wife Celine on Dec 5 launched an offer to acquire all the units of Suntec Reit at $1.16 per unit in cash.

RHB believes the offer price “severely undervalues the Reit, as it reflects a 44 per cent discount to its net asset value of $2.07”.