United States-registered investment adviser Kabouter Management LLC has purchased 344,000 units in Ascendas India Trust (SGX:CY6U), becoming a substantial unitholder in the Singapore-listed industrial real estate trust.

The matter was revealed in a lodgement filed with the Singapore Exchange on 9 January. Kabouter Management acquired the 344,000 units for SGD286,861 on 6 January via a market transaction. This translates to a price paid of approximately SGD0.83 per unit.

According to information retrieved from the firm’s website, Kabouter Management invests in non-US smaller cap companies on behalf of family offices and institutions. The firm was founded in 2003 and registered with the US Securities and Exchange Commission since 2010.

With the acquisition, Kabouter Management now has a deemed interest of 46.125 million units of Ascendas India Trust, representing a stake of 5.01% from 4.97% previously.

Units of Ascendas India Trust last changed hands at SGD0.84 on the Singapore Exchange.