Apac Realty, which owns ERA Realty Network in Singapore, is set to have a new majority shareholder. A fund managed by Morgan Stanley Private Equity Asia (MSPEA) has agreed to acquire a 59.8 per cent stake in the company from an entity controlled by private equity firm Northstar Group.
The total consideration for the stake is around $129.5 million – or 61 cents per share – and the offeror also intends to make an unconditional mandatory general offer for all the outstanding shares in Apac Realty, other than those already owned, controlled or agreed to be acquired by it, according to the bourse filing on Monday (April 25).
The investment in Apac Realty marks MSPEA’s first investment in the real estate services sector in South-east Asia.
Read more: The Straits Times
