Subsidiaries of ESR inked an agreement on March 8 to dispose their stakes in the fund to U.S.-based Claymore Encore and Singapore-based MPSK Pte. Ltd, which is an affiliate of Japan-based Sumitomo Mitsui Finance and Leasing, it said.

ESR sees a gain of about $50 million from the disposal and would primarily use the net proceeds from the transaction to repay certain of its debt, it said.

In total, 22 funds are being divested in the transaction, representing $9.8 billion in assets under management, the company added.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Rashmi Aich)