South Korea’s SK Holdings, a founding shareholder in Hong Kong-listed ESR Cayman, has sold HK$3.15bn (€343m) worth of shares to an unidentified fund.

The shares sold represented about 4.6% of the Asia Pacific focused logistics real estate firm’s issued share capital. Following the completion of the sale, the conglomerate will hold approximately 6.4% of ESR Cayman’s issued share capital.

SK Holdings is said to be freeing capital to invest in other growth areas. 

In a statement, ESR Cayman said that, based on publicly available information, it had become aware that, on 17 September 2020, SK Holdings had entered a placement agreement to sell part of its shareholding.

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