Following the acquisition, ESR remains the largest shareholder with more than a 90% stake in the E-LOG Manager and will also become the largest unitholder of E-LOG with a 14.4% stake in the REIT.
Tong Jinquan, who became well known as one of the largest individual S-REIT investors since the global financial crisis, is divesting his stake in ESR-LOGOS REIT’s (E-LOG) manager.
On July 27, after the market closed, ESR Group announced it has completed the acquisition of 654,546 shares in ESR-LOGOS Funds Management (S), E-LOG’s manager. ESR is also in the process of acquiring 189.97 million E-LOG units from Tong. According to an SGX filing, the 654,546 shares changed hands for $65 million.
