FORWARD TOGETHER 98 Notes to Condensed Consolidated Financial Information 30 June 2023 31. EVENTS AFTER THE REPORTING PERIOD (continued) Sabana Real Estate Investment Management Pte. Ltd. (“SREIM”), the manager of Sabana Real Estate Investment Trust (“Sabana REIT”, a real estate investment trust (“REIT”) listed on the Singapore Exchange Securities Trading Limited), is an indirect wholly owned subsidiary of the Company. The Group also holds a 20.6% stake in Sabana REIT as of 30 June 2023. On 7 June 2023, SREIM received a requisition to convene an extraordinary general meeting of Sabana REIT (the “EGM”) to vote on (i) the removal of SREIM as the manager of Sabana REIT and (ii) directing Sabana REIT’s trustee (the “Trustee”) to take steps to internalise the REIT management function (the “Resolutions”). Both Resolutions were passed on 7 August 2023. The Trustee has or will be appointing professionals to advise on the implementation of the Resolutions. The Trustee expects to hold two or more further EGMs to seek directions on specific matters to implement the Resolutions, and that the process will take at least 12 months. As there is no precedent in Singapore for the internalisation of a REIT, there is no certainty that Sabana REIT can or will be internalised. In the interim, SREIM will carry on as the interim manager of Sabana REIT. On 21 August 2023, the Group, through a wholly-owned subsidiary, entered into an agreement with a strategic investor from Mainland China to sell its existing stake in Kwai Chung Cold Storage Logistics Centre development in Hong Kong (the “JV Company”). Upon completion, the Group’s stake in the JV Company will reduce to 40%. The Group will continue to act as the investment, development and asset manager to the JV Company. On 22 August 2023, the Group announced the establishment of its largest-ever RMB income fund in China (the “Fund”) with one of China’s leading insurance companies. The Fund has a total investment capacity of approximately RMB10 billion, and will be seeded with a prime logistics portfolio of RMB2.3 billion. The seed portfolio contains 6 stabilised investment properties from ESR’s balance sheet assets. The transaction is expected to be closed in the second half of 2023, subject to regulatory approvals. 32. APPROVAL OF THE FINANCIAL INFORMATION The condensed consolidated financial information was approved and authorised for issue by the board of directors on 23 August 2023.
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