Pan-Asian logistics group ESR has sold majority of its stake in Centuria Capital for around A$190m (鈧�122m).
ESR first bought into the listed firm in 2017, when it acquired an initial parcel of 14.9% of Centuria shares. At the time, ESR was making its entry into the Australian market, and subsequently built up its stake in Centuria to 17.1%.
Phil Pearce, CEO of ESR Australia, the group鈥檚 Australian arm, told 麻豆映画 Real Assets the parcel was sold to a diverse group of buyers.
ESR has held in escrow 4.9% of securities for two months, bringing its position to below 鈥渟ubstantial鈥� shareholding level at Centuria.
鈥淚t didn鈥檛 make sense for us to be invested in Centuria anymore,鈥� Pearce said. 鈥淲hen we bought the stake, Centuria had a higher percentage of industrial and logistics assets under management.
鈥淏ut over the past 18 months, Centuria has diversified its business into healthcare and agriculture, has bought a funds management business in New Zealand, and is now planning a merger with Primewest (a Perth-based funds manager).
鈥淭hese are all good sectors to be in, but they are not the ones we invest in.鈥�
Pearce said Centuria had been 鈥渁 good investment鈥�, and that ESR was happy with the outcome.
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