Singapore government-backed financial institution DBS Bank Limited has acquired 13 million voting units of Japan-focused retail business trust Croesus Retail Trust (CRT) (SGX:S6NU).

The units were acquired on 11 September via a placement and increases the bank's stake in CRT to 6.61% from 4.81% previously.

This, according to listing norms on the Singapore Exchange, elevates the status of DBS Bank to that of a substantial unitholder in CRT with a total holding of 33.7 million units.

According to a filing note lodged with the Singapore Exchange on 15 September, the units were purchased for a total aggregate sum of SGD11.895 million, translating to a price paid per unit of SGD0.915.

DBS Bank and Citigroup Global Markets Singapore were joint coordinators and underwriters for CRT's IPO in 2013.

Units of CRT are currently listed in the Singapore Exchange at SGD0.935.