<div id="readability-page-1"><div>[SINGAPORE] Acrophyte Asset Management, controlled by property tycoon Gordon Tang, has issued a disclosure of interest notification to acquire ESR Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Reit).Acrophyte plans to enter a conditional sale and purchase agreement with subsidiaries of ESR Group to acquire ESR’s 100 per cent indirect interest in the manager, Suntec Reit’s manager said in a statement on Tuesday (Dec 16).Tang currently owns, directly and through his affiliates, a 35.7 per cent stake, or about one billion units, in Suntec Reit. ESR owns a 10.8 per cent stake in Suntec Reit.“We have consistently shown our confidence in Suntec Reit, via our significant long-term unitholding,” said Tang a China-born billionaire. “Acquiring the manager is an extension of our commitment to Suntec Reit.”He added that he looks forward to working closely with the board and management to “review existing strategies and implement further value-adding initiatives to the benefit of all unitholders”.Chong Kee Hiong, the manager’s chief executive officer, said his team remains focused on “disciplined execution to deliver long-term value for unitholders”.“After the handover, we will work closely with Mr Tang to deliver sustainable growth through pro-active capital and portfolio management,” he added.In February, Tang and his wife Celine Tang failed to take over Suntec Reit as their shareholding fell short of the 50 per cent threshold as at the offer closing date.At the time, the total number of units owned, controlled, or agreed to be acquired by their investment holding company Aelios amounted to about 37.4 per cent of the total issued units.The investment holding company said then that the offer was made solely to comply with Rule 14.1 of the Take-over Code, which stipulates that any entity controlling more than 30 per cent of a Reit must make a mandatory general offer to acquire its remaining units.Suntec Reit units rose S$0.01, or 0.7 per cent, to close at S$1.40 on Tuesday, ahead of the announcement.</div></div>

T82U

Gordon Tang's Acrophyte Asset Management plans to acquire ESR Trust Management, the manager of Suntec Reit, by entering a conditional sale and purchase agreement. Tang, who already holds a 35.7% stake in Suntec Reit, aims to enhance value for unitholders. Previously, Tang's attempt to take over Suntec Reit fell short of the 50% threshold. Suntec Reit units rose 0.7% to S$1.40 following the announcement.

Property tycoon Gordon Tang to acquire Suntec Reit manager