Property tycoon Gordon Tang to acquire Suntec Reit’s manager for S$190 million
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Property tycoon Gordon Tang has signed a deal to acquire 100% of ESR Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Reit), for S$190 million. The acquisition is subject to approval by the Monetary Authority of Singapore. Tang currently owns a 35.7% stake in Suntec Reit. The deal aims to review existing strategies and implement value-adding initiatives for unitholders. Suntec Reit units rose 0.7% to close at S$1.40 ahead of the announcement.
Source: Businesstimes The copyright of this article belongs to the original author/organization.
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