Suntec REIT property Suntec City, Singapore.Suntec REIT property Suntec City, Singapore.

Raffles Investments Limited purchased 4,101,000 units of Singapore-listed retail and office REIT Suntec on (SGX:T82U) on 6 June.

Raffles Investments is part of the Tecity Group of Companies founded by the late banker, Tan Sri Tan Chin Tuan, who is most noted for his work in establishing the Overseas Chinese Banking Corporation (OCBC).

The units were purchased via a market transaction through subsidiary company, Sword Investments, who paid a total sum of SGD7,502,533 for the units excluding brokerage fees. This translates to an aggregate price of about SGD1.82 per unit.

With the acquisition, Raffles Investments total holdings in Suntec REIT increased to 152,124,285 units representing a stake of 6.1%, up from 5.94% previously.

Units of Suntec REIT has since risen, closing at SGD1.84 on the Singapore Exchange at the end of 9 June.

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.