Notes to Condensed Consolidated Financial Information 30 June 2024 85 ESR Group Limited Interim Report 2024 22. DISPOSAL GROUP HELD FOR SALE (continued) ARA US Hospitality Trust ("USHT") On 27 May 2024, the subsidiaries of the Company entered into Share Purchase Agreements to sell 100% of the total number of issued shares in ARA Trust Management (USH) Pte Ltd and ARA Business Trust Management (USH) Pte Ltd. ARA Real Estate Investors 23 Pte. Ltd. (“ARA RE23”) entered into a sale and purchase agreement to sell 110,200,640 stapled securities of ARA US Hospitality Trust (“ARA H-Trust” and the stapled securities of ARA H-Trust, the “Stapled Securities”), representing approximately 19.0% of the total number of Stapled Securities in issue on 27 May 2024. Accordingly, all assets and liabilities of ARA Trust Management (USH) Pte Ltd, ARA Business Trust Management (USH) Pte Ltd and stapled securities of ARA US Hospitality Trust were reclassified as disposal group held for sale as at 30 June 2024. The transactions were completed on 9 July 2024. Details of assets and liabilities classified as held for sale as at 30 June 2024 are as follows: As at 30 June 2024 US$’000 Assets Investments in joint ventures and associates 42,215 Cash and bank balances 3,067 Other assets 942 Assets of a disposal group classified as held for sale 46,224 Liabilities Other liabilities (481) Liabilities directly associated with assets classified as held for sale (481) Net assets directly associated with the disposal group 45,743 Amounts included in accumulated OCI: Hedge reserves 2,562 Reserve of disposal group classified as held for sale 2,562 In accordance to IFRS 5, the assets and liabilities classified as held for sale were written down to their fair value less costs to sell, resulting in an impairment loss on assets held for sale amounting to US$97,411,000, which was included in the consolidated statement of profit or loss for the period ended 30 June 2024. The impairment loss on assets held for sale is included in Administrative Expenses.
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