Acrophyte buys 19% stake in ARA H-Trust
Acrophyte AM has acquired both ARA H-Trust’s REIT manager and trustee-manager.
Acrophyte Asset Management (Acrophyte AM) has acquired the REIT manager and trustee-manager of ARA US Hospitality Trust (ARA H-Trust).
Upon acquiring a 100% stake in both ARA H-Trust’s managers, Acrophyte AM, led by owners Gordon and Celine Tang, will become the new sponsor of ARA H-Trust.
In addition, Acrophyte Limited, an Acrophyte AM unit owned by Tang siblings Tang Jialei and Tang Jialin, has acquired 110.2 million stapled securities of ARA H-Trust from ARA Real Estate Investors 23. The securities were acquired at $0.42 (US$0.31) apiece which translates to a 19% stake in ARA H-Trust.
DBS and UOB served as financial advisors to the Tang Group for both the acquisition of the managers and the securities.