SINGAPORE — Singapore real-estate investment trust ARA Asset Management said yesterday that two of its largest shareholders, including a company owned by Hong Kong billionaire Li Ka-shing, are selling part of their stakes to Straits Trading for S$294.4 million.
The sale of the stakes — together making up 20.1 per cent of the company — by Mr Li and ARA founder John Lim are the latest in a string of property deals in Singapore this year.
Mr Lim and Mr Li’s Cheung Kong Holdings own a 33.32 per cent and 13.87 per cent stake, respectively, in the real estate investment trust firm. After the sale, Mr Lim’s stake will fall to 19.25 per cent, while Cheung Kong’s will be 7.84 per cent, ARA said in a filing to the Singapore Exchange.
ARA’s total assets under management was S$23.5 billion as of end-June. It manages REITs listed in Singapore, Hong Kong and Malaysia, with a portfolio that includes retail, office and logistics sectors.
It also manages private funds investing in real estate and provides real estate management services such as convention and exhibition services and corporate finance advisory services.
Singapore-listed Straits Trading, which has interests in property, resources and hotels, will also form a new company with Mr Lim that will undertake property investments, excluding hospitality assets.
The new joint company will have an aggregate initial capital of S$200 million and a capital commitment of as much as S$950 million, it said.
ARA will also manage Straits Trading’s entire investment property portfolio, other than hospitality-related assets, as a separate account, Straits Trading said in a separate statement.
“This strategic alliance in real estate will enable Straits Trading to unlock value from its property business and create new avenues to expand and diversify its real estate portfolio,” said the statement.
The deal is subject to regulatory approval.
Agencies
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