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Gordon Tang's Acrophyte to acquire Suntec REIT manager from ESR

EdgeProp Singapore

/ EdgeProp Singapore

December 17, 2025 11:01 AM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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Suntec City (Picture: Samuel Isaac Chua/EdgeProp Singapore)

Suntec City (Picture: Samuel Isaac Chua/EdgeProp Singapore)

SINGAPORE (EDGEPROP) - Acrophyte Asset Management, controlled by Gordon Tang, has entered into a conditional agreement to acquire ESR Group's 100% indirect interest in the manager of Suntec REIT, pending approval from the Monetary Authority of Singapore.

"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. Tang currently holds a 35.7% stake in Suntec REIT, while ESR Group holds a 10.8% stake.

In December 2024, Tang, together with his wife Celine, made a mandatory cash offer for Suntec REIT at $1.16 per unit via their investment holding company Aelios. The offer, which was later raised to $1.19 per unit, did not go through as the Tangs' shareholding fell short of the 50% threshold at the offer closing date.

Read also: Suntec REIT acquires Adelaide office building for $141 mil

CEO Chong Kee Hiong affirmed the team's focus on delivering long-term value for Suntec REIT unitholders. "After the handover, we will work closely with Mr Tang to deliver sustainable growth through pro-active capital and portfolio management.”

Listed in 2004, Suntec REIT holds properties in Suntec City, a 66.3% interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay and a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

It also holds interests in commercial buildings located in Australia, along with a 50% interest in Nova Properties and a 100% interest in The Minster Building, both located in London.

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