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Straits Trading targets new areas after ARA stake sale
Property manager to put more capital in industrial properties over next 3 to 5 years
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Following the sale of The Straits Trading Company's stake in ARA Asset Management (ARA) to ESR Group, Straits Trading's shareholders now have a choice of receiving additional shares in the company or opting for shares in ESR, one of the largest property managers in the Asia-Pacific.
ESR completed its US$5.2 billion (S$7.3 billion) acquisition of ARA in January, yielding $142.5 million in cash and 214.7 million ESR shares to Straits Trading.
