Morgan Stanley Private Equity Asia to become majority shareholder of APAC Realty

By Jovi Ho,
The Edge Singapore
/ EdgeProp Singapore |
Marcus Chu, CEO of APAC Realty: MSPEA has an outstanding track-record and reputation in Asia and I am confident they will be an excellent new partner for APAC Realty {Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Morgan Stanley Private Equity Asia (MSPEA) has agreed to acquire 59.8% of the total outstanding shares of Singapore Exchange-listed APAC Realty Limited for a total consideration of approximately $129.5 million.
This is MSPEA’s first and only investment in real estate services sector in Southeast Asia.
The 59.8% shares are to be acquired from Asia Pacific Realty Holdings Ltd, an entity controlled by the Northstar Group, a Singapore headquartered private equity firm.
Official opening of ERA Asia Pacific headquarters - EDGEPROP SINGAPORE
At the official opening of ERA Asia Pacific headquarters on April 11, with Senior Minister of State for Transport and Member of Parliament for the Bishan-Toa Payoh GRC (second from right), as the guest-of-honour. It also marked the 40th anniversary of ERA in Singapore (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SAC Capital Private Limited, financial advisor to the offeror, issued on April 25 an announcement that it intends to make an unconditional mandatory general offer for all the outstanding shares in APAC Realty for 57 cents per share in cash.
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APAC Realty is one of the leading real estate services providers, holding the exclusive ERA regional master franchise rights for 17 countries in Asia Pacific. Through its ERA franchisee network, the group has one of the largest brand footprints in Asia with more than 20,000 advisors across 653 offices and through its wholly owned subsidiary, ERA Realty Network, is one of Singapore’s largest real estate agencies.
Andrew Hawkyard, co-chief investment officer of MSPEA, managing director of Morgan Stanley and director of the offeror, says: “We are delighted to invest in APAC Realty and look forward to working closely with its highly regarded professional management team to support the company as it continues on its trajectory as a leading real estate brokerage business in Asia. The company has a proven 40-year track record running the business in Southeast Asia with over 20,000 dedicated advisors providing outstanding property brokerage services to its clients."
ERA  APAC CENTRE - EDGEPROP SINGAPORE
The headquarters of ERA Asia Pacific is located in Toa Payoh, in a building which the listed company, APAC Realty, purchased for $72.8 million in 2018 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Morgan Stanley Private Equity Asia is the private equity arm of Morgan Stanley in Asia. For close to 30 years, MSPEA has been making private equity investments in Asia.
Marcus Chu, CEO of APAC Realty, says: “MSPEA has an outstanding track-record and reputation in Asia and I am confident they will be an excellent new partner for APAC Realty. The company’s lead-generation and our team of advisors will benefit from MSPEA’s substantial networks and access to industry insights, which could facilitate a deepening of our regional footprint. This is an incredible time to be at APAC Realty and I look forward to working with MSPEA to further develop the business and continue to support and grow our company in Singapore and the Asia Pacific region.”

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