MAS greenlights bid by Gordon Tang’s Acrophyte to acquire Suntec Reit manager for S$190 million
The property tycoon made a failed attempt to acquire all units of the real estate investment trust in 2024
[SINGAPORE] Property tycoon Gordon Tang’s Acrophyte Asset Management has received approval from the Monetary Authority of Singapore to acquire ESR Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Reit) .
ESR Trust Management (Suntec) said in a bourse filing on Monday (Mar 9) that the completion of the acquisition is targeted for Mar 17.
Acrophyte had entered into a S$190 million deal to acquire 100 per cent of ESR Trust Management (Suntec) from ESR Asset Management, in a move announced on Dec 16, 2025.
The Suntec Reit manager said at the time that Tang owned, directly and through his affiliates, a 35.7 per cent stake in Suntec Reit, while the ESR Group owned a 10.8 per cent stake in the trust.
This acquisition bid comes on the back of an earlier unsuccessful bid by Tang and his wife, Celine, to acquire Suntec Reit in 2024. The Tangs had launched a mandatory conditional cash offer of $1.16 per unit for Suntec Reit through their vehicle Aelios.
The offer was triggered following Aelios’ acquisition of 62.5 million units via the market. This represented about 2.1 per cent of all the Reit’s units and rasied Aelios’ stake to 31.5 per cent.
Units of Suntec Reit ended 2.2 per cent or S$0.03 lower at S$1.33, before the news.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
