Acrophyte Asset Management, an entity controlled by Singapore property tycoon, Gordon Tang, has acquired 100% of the manager of listed Suntec Reit for S$190m (€128m) from ESR Group.
In a stock exchange filing, Suntec manager ESR Trust Management said it had been informed by Acrophyte that the Monetary Authority of Singapore (MAS) had given its approval to the takeover and that the acquisition was targeted for completion next week.
The bidder entered into a conditional sale and purchase agreement with ESR Group’s subsidiaries to acquire ESR’s 100% indirect interest in the manager of Suntec REIT in December, after triggering mandatory takeover provisions. Tang and his wife, Celine, made their final offer S$1.19 per unit in January,
Then, Tang said acquiring the manager was an extension of his commitment to Suntec REIT which had built a portfolio of assets with a focus on Singapore. Tang added: “We have consistently shown our confidence in Suntec REIT, via our significant long-term unitholding.”
Chong Kee Hiong, CEO of Suntec REIT’s manager, said at the time his team remained focused on delivering long-term value for the REIT’s unitholders and to upload the REIT’s leading market position, adding that after the handover, his team would work closely with Tang to deliver sustainable growth through proactive and portfolio management.
Tang owned, directly and through his affiliates, a 35.7% stake in Suntec Reit while the ESR Group owned 10.8% stake in the trust.
Since listing on the Singapore Stock Exchange in 2004, the trust has built a portfolio of commercial buildings in Singapore, Australia and London, valued at S$12.1bn at the end of the 2025 financial year. Among its main assets are Suntec City Mall, Suntec Convention centre and stakes in blue-chip office buildings, such as One Raffles Quay and Marina Business Finance Centre towers in Singapore. In Australia it has both wholly owned assets and stakes in office buildings in Sydney, Melbourne and Adelaide, while it owns 50% of Nova Properties and a 100% interest in the Minister Building in London.
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