ERA, one of the largest international real estate agencies with a presence across 10 countries and more than 20,000 advisors was first listed on the SGX through its holding company Hersing Realty in 1998. It was delisted in 2013 and sold for about S$130 million by former parent Hersing Corp to private equity fund Northstar. It was then re-listed in September 2017 at an IPO price of S$0.66 which corresponded to a market capitalisation of S$234 million. Today, Morgan Stanley, through Morgan Stanley Private Equity Asia (“MSPEA”), announced that it has agreed to acquire 59.8% of the total outstanding shares of SGX-listed APAC Realty Limited (“APAC Realty”), a leading real estate services company in Asia, for a total consideration of approximately S$129.5 million. The 59.8% shares are to be acquired from Northstar which works out to approximately S$0.61 per share (inclusive of S$0.04 of dividends). This transaction values the company at S$216 million. After the acquisition, MSPEA will have a 61.1% position due to an initial 1.3% stake previously....