Notes to Condensed Consolidated Financial Information 30 June 2024 73 ESR Group Limited Interim Report 2024 14. GOODWILL US$’000 At 1 January 2023 Cost 3,455,498 Accumulated impairment — Net carrying amount 3,455,498 Cost at 1 January 2022, net of accumulated impairment 3,455,498 Acquisition of subsidiaries 27,075 Impairment (13,571) Exchange realignment 440 At 31 December 2023 (audited) 3,469,442 At 31 December 2023 Cost 3,483,013 Accumulated impairment (13,571) Net carrying amount 3,469,442 Cost at 1 January 2024, net of accumulated impairment 3,469,442 Reclassification to assets of a disposal group held for sale (118,870) Exchange realignment 22 At 30 June 2024 (unaudited) 3,350,594 At 30 June 2024 Cost 3,364,165 Accumulated impairment (13,571) Net carrying amount 3,350,594 The carrying amounts of goodwill allocated to each cash-generating unit of business are as follows: Asset management business As at 30 June As at 31 December 2024 2023 (Unaudited) (Audited) US$’000 US$’000 Redwood 210,480 210,480 Infinitysub 34,370 34,370 ESR Australia 284,216 284,216 SIP (i) — — ARA 2,821,528 2,940,376 Total 3,350,594 3,469,442 (i) Pursuant to the results of an Extraordinary General Meeting (“EGM"), resolution was passed to internalize the REIT management function of Sabana REIT that is managed by an indirect subsidiary of the Group (the “REIT Manager” or “SIP”). Management has assessed that the outcome of the internalization of the REIT Manager which is administered by the Trustee of Sabana REIT is not within the control of the Group. Consequently, the goodwill of SIP CGU was fully impaired in the financial year ended 31 December 2023.
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