Notes to Condensed Consolidated Financial Information 30 June 2024 75 ESR Group Limited Interim Report 2024 15. OTHER INTANGIBLE ASSETS (continued) Notes: (i) In June 2019, the Group had acquired SIP, an asset management company providing trust management services in Singapore. The trust management services are expected to continuously contribute to the net cash inflow of the Group. The Group’s trust management rights have indefinite useful lives and are allocated to the Group’s SIP asset management business, which is treated as a cash-generating unit for impairment testing. Intangible asset impairment loss of US$15,596,000 was provided in financial year ended 31 December 2023. The impairment loss was included in Administrative Expenses. (ii) In January 2017, the Group had acquired Infinitysub Pte. Ltd. (“Infinitysub”), an asset management company providing trust management and property management services in Singapore. In October 2018, the Group had acquired Viva Industrial Trust Management Pte. Ltd. (“VITM”), an asset management company providing trust management services in Singapore. Through the acquisition, the management rights of Viva Trust were transferred to ESR-LOGOS Funds Management (S) Limited (“E-LOG FM”), a subsidiary of Infinitysub and the manager of ESR-LOGOS REIT. VITM was subsequently dissolved in May 2021. In May 2022, there was a merger between ESR-LOGOS REIT and ARA LOGOS Logistics Trust (“ALOG Trust”). Consequently, Infinitysub through E-LOG FM now provides trust management services to ESR-LOGOS REIT and its sub-trusts, namely Viva Trust and ALOG Trust (collectively, “E-LOG Group”). The trust management services are expected to continuously contribute to the net cash inflow of the Group. The Group’s trust management rights under Infinitysub are expected to have indefinite useful lives as the trust deeds constituting the aforementioned trusts do not limit the time period over which E-LOG FM may serve as the trusts’ manager. Management considers Infinitysub asset management business of E-LOG Group as a single cash generating unit (“CGU”) based on how it monitors the business and makes decisions regarding the assets and operations, in this regard management does not make a distinction between ESR-LOGOS REIT and its sub-trusts. The trust management rights under Infinitysub are therefore treated as a single CGU. (iii) In January 2022, the Group had acquired ESR Asset Management Limited (formerly known as ARA Asset Management Limited) and its subsidiaries (collectively referred to as "ARA Group"), an asset management company providing trust management and property management services including in Singapore and Hong Kong. The Group’s trust management rights are expected to have indefinite useful lives as the trust deed does not stipulate a fixed termination date until it is removed or the trust is terminated. Accordingly, the related trusts can exist perpetually. The trust management rights are allocated to the Group's ARA asset management business, which is treated as a cash-generating unit.
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