ESR Group has acquired 654,546 shares in ESR-LOGOS Funds Management, the manager of ESR-LOGOS (E-LOG) REIT from Tong Jinquan, bringing its stake in the manager to over 90 per cent.
The company is also in the process of acquiring an addition 189.9 million ESR-LOGOS units from Tong, and will be the largest unitholder of E-LOG REIT at 14.4 per cent. Before ESR's acquisition, Tong was the largest unitholder of E-LOG; he has been a shareholder of E-LOG's manager since October 2018.
"With this acquisition, we will continue to work to propel E-LOG towards an enhanced growth trajectory by accelerating its exposure to in-demand quality logistics and industrial properties, while repositioning the portfolio quality by divesting non-core assets to continue to deliver long-term sustainable value to its unitholders." said Jeffery Perlman, chairman, ESR.
Units of E-LOG REIT closed unchanged at S$0.42 on Wednesday (Jul 27).