IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Bloomberg <a href="https://news.bloomberglaw.com/mergers-and-acquisitions/esr-bidders-said-to-weigh-bringing-in-more-investors-for-buyout" target="_blank" rel="noopener">reports</a> that the bidding consortium is in talks to bring in other partners, such as QIA, PIF, and CPP Investment Board, to aid in privatising <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>.</li>
<li>Warburg Pincus and OMERS have blocking stakes for a Cayman scheme. Warburg Pincus is seemingly supportive, and the consortium’s expansion talks suggest confidence in meeting OMERS’ price expectations.</li>
<li>Our best guess is that an offer is around HK$14.00. ESR’s current valuation is undemanding, with its forward EV/EBITDA multiple at a 40% discount compared to the median peers’ multiple.</li>
</ul>


Bloomberg reports that the bidding consortium is in talks to bring in other partners, such as QIA, PIF, and CPP Investment Board, to aid in privatising ESR Group (1821 HK).
Warburg Pincus and OMERS have blocking stakes for a Cayman scheme. Warburg Pincus is seemingly supportive, and the consortium’s expansion talks suggest confidence in meeting OMERS’ price expectations.
Our best guess is that an offer is around HK$14.00. ESR’s current valuation is undemanding, with its forward EV/EBITDA multiple at a 40% discount compared to the median peers’ multiple.


ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

<ul>
<li>The precondition for the consortium scheme offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> has been satisfied. The scheme document will be despatched by 22 May.</li>
<li>The consortium has disclosed an additional irrevocable. Total irrevocables and letters of support represent 35.01% of outstanding shares (58.24% of disinterested shares).</li>
<li>This is a done deal, helped by the material derating of peers. At the last close and for an early August payment, the gross/annualised spread is 4.3%/21.3%</li>
</ul>


The precondition for the consortium scheme offer for ESR Group (1821 HK) has been satisfied. The scheme document will be despatched by 22 May.
The consortium has disclosed an additional irrevocable. Total irrevocables and letters of support represent 35.01% of outstanding shares (58.24% of disinterested shares).
This is a done deal, helped by the material derating of peers. At the last close and for an early August payment, the gross/annualised spread is 4.3%/21.3%


ESR Group (1821 HK): Precondition Satisfied

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. </li><li>Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. </li><li>Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.</li></ul>

Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is investing INR 1,800 crore to acquire a 66% stake in <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil Developers (KPDL IN)</a>, marking its first big move into India’s residential real estate market.</li>
<li>This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.</li>
<li>The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&amp;A activity, and formalization driven by global capital.</li>
</ul>



Blackstone (BX US) is investing INR 1,800 crore to acquire a 66% stake in Kolte Patil Developers (KPDL IN), marking its first big move into India’s residential real estate market.
This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.
The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&amp;A activity, and formalization driven by global capital.


Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>’s preconditional scheme offer from the consortium is either cash (HK$13.00), scrip or a combination of cash/scrip. The offer is final.</li>
<li>On 7 March, the consortium disclosed two additional irrevocable (3.47% of outstanding shares) and satisfied two regulatory preconditions (UK FCA and Singapore MAS).</li>
<li>Since announcing the offer, peers have materially derated, lowering the vote risk. At the last close and for an end August payment, the gross/annualised spread is 4.5%/10.1%</li>
</ul>



ESR Group (1821 HK)’s preconditional scheme offer from the consortium is either cash (HK$13.00), scrip or a combination of cash/scrip. The offer is final.
On 7 March, the consortium disclosed two additional irrevocable (3.47% of outstanding shares) and satisfied two regulatory preconditions (UK FCA and Singapore MAS).
Since announcing the offer, peers have materially derated, lowering the vote risk. At the last close and for an end August payment, the gross/annualised spread is 4.5%/10.1%


United States

Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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Blackstone (BX US)

ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

The probability of an offer remains high, and the latest Bloomberg reports suggest progress towards a binding proposal. Our best guess is that an...

Arun George

ESR Group (1821 HK): Precondition Satisfied

This is a done deal, helped by irrevocables and the material derating of peers. At the last close and for an early August payment, the gross...

Arun George

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Rava invests $150M in Dash Living, Robson advises on ESR privatisation, Daibiru buys Sydney Tower for $378M, Integral Real Estate acquires 10...

Asia Real Estate Tracker

Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...

Nimish Maheshwari

ESR Group (1821 HK): Steady Progress

The additional irrevocable and material derating of peers lowers the vote risk. The consortium is making steady progress in satisfying the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

The probability of an offer remains high, and the latest Bloomberg reports suggest progress towards a binding proposal. Our best guess is that an...

Arun George

ESR Group (1821 HK): Precondition Satisfied

This is a done deal, helped by irrevocables and the material derating of peers. At the last close and for an early August payment, the gross...

Arun George

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Rava invests $150M in Dash Living, Robson advises on ESR privatisation, Daibiru buys Sydney Tower for $378M, Integral Real Estate acquires 10...

Asia Real Estate Tracker

Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

​Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...

Nimish Maheshwari

ESR Group (1821 HK): Steady Progress

The additional irrevocable and material derating of peers lowers the vote risk. The consortium is making steady progress in satisfying the...

Arun George

Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...