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Hong Kong property group ESR to buy rival ARA for $5.2bn

Deal poised to create world's third-biggest real estate manager

ESR will partly fund its takeover of ARA by selling shares to Sumitomo Mitsui Banking Corp. (Courtesy ESR Cayman) 

HONG KONG -- ESR Cayman is poised to become the world's third-largest listed real estate manager after agreeing to buy rival ARA Asset Management for $5.2 billion.

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