ESR acquires nearly 10 percent stake in Sabana REIT and most of its manager

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ESR has acquired 9.9 percent of Sabana Shariah Compliant Industrial REIT and 51.0 percent of the REIT’s manager from Vibrant Group, the Asia Pacific logistics real estate company said in a filing to SGX Thursday.

The separate deals were via ESR’s indirect wholly owned subsidiaries InfinitySub and e-Shang Infinity Cayman, the filing said.

After the deals are completed, ESR will indirectly hold around 93.8 percent of Sabana Investment Partners (SIP), which is Sabana REIT’s manager, and around 21.4 percent of Sabana REIT, the filing said.

“The investment in Sabana REIT and its manager is in line with ESR’s long-term strategy of investing in a broad range of real estate investment vehicles that would provide us with access to a portfolio of industrial properties in various stages of the property life cycle,” Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said in the statement.

“With this acquisition, we have further established our presence in Singapore and ESR is poised to leverage our Singapore platform as a
gateway for expansion into ASEAN, thus expanding our Asia Pacific footprint linking North Asia, India and Singapore to Australia,” they added.

Sabana REIT has a portfolio of 18 Singapore properties focused on industrial purposes, it said.

 

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