ESR buys Mitsui’s 7.7% stake in ESR-LOGOS REIT Manager

ESR buys Mitsui’s 7.7% stake in ESR-LOGOS REIT Manager
A logistics facility located at 46A Tanjong Penjuru in E-LOG's portfolio.

ESR Group has agreed to acquire 7.7% of the total issued shares in ESR-LOGOS Funds Management Limited, the manager of ESR-LOGOS REIT (E-LOG Manager), from Mitsui & Co., Ltd. (Mitsui).

Prior to this transaction, ESR had acquired 654,546 shares in the E-LOG Manager from Shanghai Summit Pte. Ltd., a company wholly-owned by Tong Jinquan, bringing its interest to 91.3% on 27 July 2022.

With the acquisition of Mitsui’s stake, ESR now owns 99% of the E-LOG Manager.

Jeffrey Perlman, Chairman of ESR, said, “As the Sponsor of E-LOG, we are delighted to have increased our stake in the E-LOG Manager twice in quick succession to reach 99% and we thank Mitsui for their support. This transaction will further enable ESR-LOGOS REIT and the E-LOG Manager to deliver on our strategy of creating long-term and sustainable value in an increasingly competitive market. To this end, we remain steadfast in our support of E-LOG’s transformation into the leading New Economy S-REIT with its scale, extensive offerings, capability and resources.”

Adrian Chui, Chief Executive Officer and Executive Director of the E-LOG Manager, said, “We would like to thank Mitsui for the positive and fruitful relationship we had, especially the two mergers with Viva Industrial Trust in 2018 and with ARA LOGOS Logistics Trust recently which positioned E-LOG as the 10th largest on the Singapore Exchange in terms of market capitalisation. We will continue to work closely with our Sponsor, ESR Group, to drive growth and value creation for our Unitholders.”