Aelios, a Singaporean company owned by billionaire Gordon Tang, has made an offer to purchase the remaining shares it does not own in Suntec Real Estate Investment Trust (REIT), valuing the REIT at S$3.39 billion ($2.53 billion).

Under the offer, Aelios will acquire Suntec REIT shares at a price of S$1.16 per share in cash. Based on Reuters' estimates, Aelios would need to invest $1.74 billion to purchase all outstanding shares of the REIT.

This move follows Aelios' acquisition of over 62 million shares, or 2.14%, in Suntec REIT on Thursday, raising its stake from 29.31% to 31.45%, which triggered a mandatory general offer.

The offer price matches Suntec REIT’s closing price of S$1.16 on December 4. Aelios has stated its intent to keep Suntec REIT listed on the Singapore stock exchange.

Aelios has assured it possesses adequate financial resources to fulfill the full acceptance of its offer. United Overseas Bank and DBS are acting as joint financial advisors for Aelios.