“We have consistently shown our confidence in Suntec REIT, via our significant long-term unitholding,” he adds.
Gordon and Celine Tang, through their vehicle Aelios, made a mandatory conditional offer of $1.16 per unit in Suntec REIT on Dec 5, 2024. The offer came after Aelios acquired some 62.5 million units via the market, bringing their stake in the REIT to 31.45%.
The offer was increased to $1.19 per unit on Jan 8.
“Acquiring the manager is an extension of our commitment to Suntec REIT. We look forward to working closely with the Board and the management team to review existing strategies and implement further value-adding initiatives to the benefit of all unitholders,” says Tang.
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Chong Kee Hiong, CEO of Suntec REIT’s manager, says his team remains focused on delivering long-term value for the REIT’s unitholders and to upload the REIT’s leading market position.
“After the handover, we will work closely with Mr. Tang to deliver sustainable growth through pro-active capital and portfolio management,” says Chong.
Tang currently owns a total stake of 35.7% in Suntec REIT, directly and through his affiliates. ESR currently owns a 10.8% stake in Suntec REIT.
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The proposed acquisition is subject to the approval of the Monetary Authority of Singapore.
Units in Suntec REIT closed 1 cent higher or 0.72% up at $1.40 on Dec 16.
