Shareholders of ESR Cayman have, on Nov 3, voted to approve all the proposals related to the acquisition of ARA Asset Management.

At ESR Cayman’s extraordinary general meeting (EGM), some 91.81% of the votes cast were in favour of the proposed acquisition.

ESR’s shareholders also voted overwhelmingly to elect Lim Hwee Chiang (John), Dr. Chiu Kwok Hung Justin and Rajeev Kannan as non-executive directors of the board upon completion of the proposed acquisition.

“I am very pleased that our shareholders overwhelmingly supported this landmark transaction, which brings two best-in-class businesses and teams together to form APAC’s #1 real asset manager powered by New Economy real estate,” says Jeffrey Perlman, chairman of ESR.

“We are currently experiencing a once-in-a-generation change in real estate and the enlarged ESR Group is very well positioned to capture the largest secular trends including the continued rise of e-commerce, an accelerating digital transformation and the financialisation of real estate,” continues Perlman.

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“We look forward to welcoming our new strategic shareholders, the newly elected directors, the expanded teams at ARA and LOGOS, and working together to take the enlarged ESR to its next stage of growth as we embark on a new era in APAC real estate.”

The ESR-ARA transaction will see the merged entity becoming the largest asset manager in the Asia Pacific region. It will also be the third largest listed real estate investment manager (REIM) globally with combined assets under management (AUM) of US$131 billion ($176.6 billion).


See: BofA downgrades ESR Cayman to 'neutral' following ARA Asset Management acquisition


Jeffrey Shen and Stuart Gibson, ESR co-founders and co-CEOs, expressed their gratitude to their shareholders for “their unwavering trust and support in ESR”.

“In joining forces with ARA (and by extension LOGOS), we will leverage the expertise, best practices and capital market relationships across the combined platform to grow the enlarged ESR to new heights. Together, we will continue to strengthen ESR’s leading position as a resilient, purpose-led organisation with deep commitment to ESG, innovation and value creation for our stakeholders.”

Shares in ESR Cayman closed 5 HK cents higher or 0.20% up at HK$25.55 on Nov 3.

Photo: ESR Cayman