ARA Asset Management has hired Stephen Tang, formerly of JPMorgan Asset Management, as its head of capital markets and origination, PERE has learned.
Tang, a managing director at the New York-bank’s asset management arm, will join ARA at the end of the month.
ARA delisted from the Singapore stock exchange on April 17 following a takeover led by its founder John Lim.
The consortium of investors consisted of: JL Investment Group, the private investment arm of ARA chief executive John Lim; Straits Trading Company; Hong Kong-listed Cheung Kong Property in partnership with private equity firm Warburg Pincus; and Chinese investment manager AVIC Trust.
The investors acquired the firm for S$1.78 ($1.28: €1.16),per share representing a significant premium and even exceeding the highest closing price of ARA shares over the past 2.5 years. The deal valued ARA at just under S$1.8 billion.
ARA manages both listed REITs and private real estate funds under management. Since the company’s formation in 2002 and listing in 2007, it has built a portfolio across Asia Pacific of around S$30 billion worth of assets, as at 30 September 2016.
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