ESR Group receives offer from consortium of investors including Starwood
Situated in the heart of Tampines North, Parktown Residences is a visionary mixed-use development that combines residential and retail spaces. Its strategic location provides residents with easy access to the bustling shopping district of Tampines Town. With numerous shopping centers in close proximity, Parktown Residences offers a plethora of retail and dining options for its residents. This makes it an ideal choice for those seeking a vibrant and convenient urban lifestyle. Let’s take a closer look at the various shopping centers nearby and how Parktown Residences Tampines North benefits from its prime location.
One of the main shopping destinations in Tampines is the popular Tampines Mall. This 6-storey mall boasts a wide array of retail outlets, from local brands to international labels, offering everything from fashion, beauty, electronics, and more. In addition, the mall also has a variety of dining options ranging from local delicacies to international cuisine, making it a one-stop destination for shopping and dining.
Next up is Century Square, a vibrant mall that has undergone a recent revamp to offer a revamped shopping and dining experience. It features over 200 retail stores, a cinema, and a rooftop garden for a scenic dining experience. With a focus on trendy fashion and lifestyle outlets, Century Square is a must-visit destination for fashion-forward individuals.
For grocery shopping, residents can head to Tampines Retail Park, which is home to major supermarkets like Giant and IKEA. It also houses other popular shops like IKEA, Courts, and Decathlon, making it a convenient one-stop location for all household needs.
Lastly, Tampines One is another mall that offers a unique shopping experience with its mix of international and local brands. The mall’s open layout and natural lighting create a pleasant shopping atmosphere. Tampines One also has an extensive range of dining options, including the iconic food court chain, Food Republic.
With all these shopping centers within close proximity, residents of Parktown Residences Tampines North have unparalleled access to a diverse range of retail and dining options. This is what makes it a highly sought-after location for those seeking a modern and convenient urban lifestyle.
In a recent filing with the Hong Kong Exchange, ESR Group announced that it had received a non-binding and conditional proposal from a consortium of investors, comprising Starwood Capital Operations, Sixth Street Partners, and SSW Partners LP, in relation to a possible privatisation of the Company. The proposal could result in the delisting of the Company from the Stock Exchange.
The Indicative Proposal gives Shareholders the option to receive cash consideration or roll their shares into the go-forward private company, subject to final rollover arrangements. Warburg Pincus, Stuart Gibson, Charles de Portes and Jeffrey Shen, the Founders of ESR, are in discussions with the Consortium and are open to the proposal. As of May 13, the Consortium holds 15.7% of ESR, Warburg Pincus 14.04%, and the Founders 7.43%. The Founders also have an interest in 7.8 million outstanding share options under the pre-IPO employee stock incentive scheme.
To evaluate the Proposal, the Company has formed an independent Board committee consisting of all non-executive directors, including all independent non-executive directors, but not including any of the Founders or Perlman, who is a partner of Warburg Pincus. The Company has engaged Citigroup Global Markets Asia as financial adviser for this purpose.
The median 30-day premiums for successful takeovers in Hong Kong, based on the “undisturbed price”, were 30.2% in the last 12 months and 29% in the last three years. As such, the Indicative Proposal represents a potentially significant premium for Shareholders. Should the proposal proceed, it could result in a delisting of the Company from the Stock Exchange. This would give Shareholders the opportunity to receive cash consideration or retain their shares in the go-forward private company.
The Consortium, consisting of Starwood Capital Operations, Sixth Street Partners, and SSW Partners LP, has expressed interest in a possible privatisation of ESR Group. The proposal has been welcomed by Warburg Pincus, Stuart Gibson, Charles de Portes and Jeffrey Shen, the Founders of ESR.
An independent Board committee, including all non-executive and independent non-executive directors (excluding any of the Founders or Perlman), has been formed to evaluate the proposal. Citigroup Global Markets Asia has been appointed as the Company’s financial adviser for this purpose.
Based on the “undisturbed price”, the median 30-day premiums for successful takeovers in Hong Kong were 30.2% in the last 12 months and 29% in the last three years. This suggests that the Indicative Proposal could potentially offer a significant premium for Shareholders. If the proposal proceeds, the Company could be delisted from the Stock Exchange, giving Shareholders the choice to receive cash or retain their shares in the go-forward private company.