The Ontario Municipal Employees Retirement System has announced that it has acquired acquired an additional 7% stake Hong Kong-listed ESR Cayman for around HK$3.8bn (€430m) bringing its total stake in the logistics group to 15.96.
The pension fund acquired this additional stake after it bought 213m shares from Warburg Pincus. Warburg was the main and original backer of the Asia-Pacific logistics group.
IPE Real Assets understands that the transaction was done at a 2.4% discount to Monday’s closing price of HK$18.30.
In a statement, ESR Cayman said Warburg is still “a significant shareholder” after the sale. ESR Cayman added that Warburg Pincus had other equity interests in ESR Cayman and had retained shares. The Warburg retained an approximate 9.1% shares in the company which now capitalised at HK$57.9bn.
OMERS was the major investor in ESR Cayman when the latter went for it IPO in October 2019. OMERS secured 9% of the company’s US$1.45bn (€1.27bn) IPO at a total cost of US$585m.