Malaysia-based investment management firm Hwang Investment Management Berhad disposed off 1.15 million units in Singapore-listed retail business trust Croesus Retail Trust^(SGX:S6NU). The units were disposed at a total price of S$1,006,710.

Croesus Retail Trust, the first retail business trust with Japanese properties to list on the Singapore Exchange

Croesus Retail Trust had previously recorded distributable income of S$14.3 million for the period from May 10 to September 30 2013, which was 8.3 per cent higher than was originally forecast during IPO. The trust listed last May at an offer price of S$0.93.

Hwang Investment is 28 per cent owned by DBS Holdings, a wholly-owned subsidiary of state wealth manager Temasek Holdings. The disposals by Hwang Investment brings Temasek's total stake in Croesus Retail Trust to 25.081 million units or 5.87 per cent of total units in circulation, down from 6.13 per cent previously.

Units of Croesus Retail Trust closed the day 0.56 per cent lower to end at S$0.88 on the Singapore Exchange.

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.