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Notes to the Consolidated Financial Statements31 December 2024ESR Group Limited Annual Report 2024215STRATEGIC REPORTSCORPORATE GOVERNANCEFINANCIAL STATEMENTS32.DISPOSAL GROUP HELD FOR SALE (continued)ARA Private Funds businessIn March 2024, the subsidiaries of the Group entered into certain Share Purchase Agreements to dispose of interests in the ARA Private Funds business in Australia, Singapore, South Korea and U.S. to buyers which include an affiliate of Sumitomo Mitsui Finance and Leasing Co. for an initial consideration based on an agreed enterprise valueofUS$270millionforthebusinesses,subjecttoadjustments.The sale of the ARA Private Funds Business in the U.S. was completed on 1 October 2024 and the sale of the ARA Private Funds Business outside the U.S. was completed on 20 December 2024.US$%u2019000Net assets disposed of:Investments in joint ventures and associates8,796Financial assets at fair value through other comprehensive income128,463Financial assets at fair value through profit or loss7,893Goodwill arising from acquisition112,387Management rights and trust management rights arising from acquisition29,332Cash and bank balances53,448Other assets21,685Deferred tax liabilities(6,981)Other liabilities(90,830)Non-controlling interests(1,267)262,926Exchange fluctuation reserve32,575Loss on disposal of assets held for sale(39,284)256,217Satisfied by:Cash260,195Other payables(3,978)256,217An analysis of the net inflow of cash and cash equivalents in respect of the disposal of assets held for sale is as follows:US$%u2019000Cash consideration260,195Cash and bank balances disposed of(53,448)Net inflow of cash and cash equivalents included in cash flows related to investing activities206,747