(Reuters) – Hong Kong-based ESR Cayman Ltd will buy real estate fund manager ARA Asset Management Ltd in a $ 5.2 billion deal, the companies said Wednesday.
Following the deal, the combined company will have $ 129 billion in assets under management, the companies said. (bit.ly/3fvN4zx)
Citigroup Global Markets Singapore Pte Ltd was ARA’s lead financial advisor and Morgan Stanley Asia was ESR’s financial advisor.
In April this year, ESR’s Real Estate Logistics Manager closed another deal in partnership with Singapore-based GIC to acquire some Australian assets from Blackstone Group Inc for AU $ 3.8 billion ($ 2.8 billion).
Niket Nishant reporting in Bangalore