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Notes to the Consolidated Financial Statements31 December 2024ESR Group Limited Annual Report 2024213STRATEGIC REPORTSCORPORATE GOVERNANCEFINANCIAL STATEMENTS32.DISPOSAL GROUP HELD FOR SALE (continued)Cromwell Property Group (%u201cCromwell%u201d)The Group identified its holding in Cromwell as a non-core investment and reclassified the investment as asset held for sale. In accordance with IFRS 5, the assets and liabilities classified as held for sale were written down to their fair value less costs to sell, based on the market price as at 31 December 2024. Accordingly, an impairment loss on assetsheldforsaleamountingtoUS$147,731,000wasrecognisedintheconsolidatedstatementofprofitorlossfor the year ended 31 December 2024. The impairment loss on assets held for sale is included in Administrative Expenses.Details of assets and liabilities classified as held for sale as at 31 December 2024 are as follows:As at 31 December 2024US$%u2019000AssetsInvestment in associate190,472Assets of a disposal group classified as held for sale190,472LiabilitiesLiabilities directly associated with assets classified as held for sale%u2013Net assets directly associated with the disposal group190,472