Artist's impression of the BlueRidge Phase II of Ascendas India Trust. (Photo: Ascendas India Trust)

US-based global asset manager Massachusetts Financial Services has sold 1,388,200 units of Singapore-listed Ascendas India Trust (SGX:CY6U).

The units were disposed in the open market on 25 November for SGD0.85 per unit. According to the asset manager, the units were divested on behalf of various clients for which Massachusetts Financial Services has investment discretion for.

The divestment decreases Massachusetts Financial Services’ stake in the business trust to 6.97% from 7.12% previously. The asset manager currently has a deemed interest of 64.45 million units in the business trust.

Units of Ascendas India Trust fell by nearly 3% at the close of the trading day on the Singapore Exchange to finish at SGD0.865.

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.