ESR Group revealed on Friday (June 13) that shareholders approved the relevant agreement arrangements with 99.97% support votes at the special shareholders' meeting. All proposals on this agreement were passed in a major way.
The Group holds more than 20% of the shares in ESR Real Estate Trust and Sabana Industrial REIT (also listed on the SGX). In May this year, it announced a partnership with five Japanese companies to develop modern multi-storey warehouses and automated container yards in Singapore, which will be one of the largest logistics facilities in the local area when it is opened in 2027.
ESR Group Co-founder and Co-CEO Shen Jinchu and Stuart Gibson said in a joint statement: "This marks an important milestone in the development of ESR. As a private enterprise, ESR will be able to better focus on long-term strategic transformation and create value for all stakeholders."
Under the agreement arrangement plan, the ESR Group will be acquired by a consortium whose members include investment companies Starwood Capital Group, SSW Partners, Sixth Street, Warburg Pincus, Qatar Investment Authority, and the founder of ESR.
This Asia-Pacific largest real estate asset management company is the largest shareholder of two listed real estate investment trusts on the Singapore Exchange, including ESR Real Estate Investment Trust (ESR REIT), and is the sponsor of ESR Real Estate Trust.
ESR Group's privatization plan has been approved by shareholders and it is expected to be delisted from the Hong Kong Stock Exchange on July 3.