ESR Trust Management, manager of Suntec REIT, says that its acquisition by Acrophyte Asset Management has been given the green light by the Monetary Authority of Singapore.
The acquisition of the manager was first tabled last December, which follows a mandatory conditional offer of $1.16 per unit in Suntec REIT on Dec 5, 2024 by an entity called Aelios.
Both Aelios and Acrophyte Asset Management are held by Gordon and Celine Tang.
“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,” said Tang back then.
Suntec REIT units closed at $1.33 on March 9, down 2.21% for the day.
