Notes to the Financial Statements For the financial year ended 31 December 2025 5. INVESTMENTS IN SUBSIDIARIES (CONT’D) Acquisition of subsidiaries On 29 November 2024, ESR-REIT through its indirect wholly-owned subsidiaries, acquired a 51.0% equity interest in Tuas South Avenue Pte. Ltd. through the acquisition of 51.0% of the shares in LSLV Project 5 Pte. Ltd.. LSLV Project 5 Pte. Ltd. and Tuas South Avenue Pte. Ltd. were amalgamated and subsequently converted to Tuas South Avenue LLP in 2025. Tuas South Avenue LLP owns 100% interest in 20 Tuas South Avenue 14 located in Singapore. The consideration was settled by way of the issuance of 39.6 million Consideration Units at an issue price of $0.3050 per Unit and a cash consideration of $219.6 million, of which $210.3 million was settled in FY2024 and the remaining $8.9 million was settled in FY2025. The fair value of the assets acquired and liabilities assumed as at 29 November 2024 were as follows: $’000 Investment property 840,000 Trade and other receivables 1,479 Cash and bank balances 34,477 Interest-bearing borrowings (411,600) Trade and other payables (10,834) Fair value of net assets acquired 453,522 Less: Non-controlling interest, based on their proportionate interest in the recognised amounts of the assets and liabilities of LSLV Project 5 Pte. Ltd. (222,226) Identifiable net assets acquired 231,296 Total consideration paid in cash and Consideration Units 231,296 Less: Cash and bank balances acquired (34,477) Consideration paid in Units (12,082) Cash outflow on acquisition, net of cash acquired 184,737 Cash outflow on acquisition, net of cash acquired Settled in 2024 175,856 Settled in 2025 8,881 184,737 177 ESR-REIT ANNUAL REPORT 2025
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