Acrophyte to acquire ESR’s Suntec REIT management stake

Deal aims to deliver sustainable growth for unitholders.

Acrophyte Asset Management Pte. Ltd. has entered a conditional agreement to acquire 100% indirect interest in ESR Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust (REIT).

“We have consistently shown our confidence in Suntec REIT, via our significant long-term unitholding. Acquiring the Manager is an extension of our commitment to Suntec REIT. We look forward to working closely with the Board and the management team to review existing strategies and implement further value-adding initiatives to the benefit of all unitholders," Gordon Tang, property tycoon who controls Acrophyte, said in a statement.

Chong Kee Hiong, CEO of the manager, said that their team is still focused on disciplined execution to deliver long-term value for unitholders and uphold Suntec REIT’s leading market position.

He also ensured close cooperation with Tang after the acquisition to deliver sustainable growth through pro-active capital and portfolio management.

Tang now owns, directly and through his affiliates, a 35.7% stake in Suntec REIT, with ESR currently owning 10.8% stake in Suntec REIT.

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