Dasin Retail Trust, a property trust structured as a business trust with self-imposed REIT metrics such as gearing limits and distributing at least 90% of its distributable income, has a new major unitholder which also owns 70% of the manager.
Based on a Singapore Exchange (SGX) filing, Sino-Ocean Capital’s proxies acquired some 45.47 million units in Dasin Retail Trust for $13.36 million, translating around 29.4 cents per unit. Sino-Ocean’s acquisition price is significantly below the trust’s net asset value (NAV) of $1.40.
While the price of 29.4 cents would set a new low for the unit price, the transaction appeared to be “off-market”. Hence, the new low was not recorded. Following the transaction, units in Dasin Retail Trust last traded at 30 cents, translating into a distribution per unit yield of 17% and Price/NAV of 0.21x.