British multinational asset management company Schroders Plc has disposed of 477,000 units of Singapore-listed Industrial REIT Mapletree Industrial Trust (MIT) (SGX:ME8U).

Schroders Plc continues to hold slightly more than 115.3 million units in Mapletree Industrial Trust after the transaction

The units were disposed on behalf of clients as investment managers. They were sold for a total of S$613,994, translating to about $S1.28 received for each unit of the REIT. Units of MIT have closed the day at $S1.27 on the news, down about 2 per cent from the previous trading day on the Singapore Exchange.

Upon the completion of the transaction, Schroders Plc sees its stake in MIT reduced to 6.92 per cent, down from 7 per cent previously.

Earlier this week, ratings agency Fitch Ratings affirmed the status of MIT at BBB+ and an outlook of stable, citing favourable tenancy conditions and rental outlook.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.