Suntec REIT's flagship property in Singapore, Suntec City. (Photo: REITsWeek)Suntec REIT's flagship property in Singapore, Suntec City. (Photo: REITsWeek)

US-based wealth management firm BlackRock Inc has indirectly acquired 810,900 units of Singapore-listed retail and office REIT, Suntec REIT(SGX:T82U).

The units were acquired through a market transaction on 28 January via its subsidiaries. Total consideration paid for the units was SGD 1,243,700, translating to about SGD1.53 per unit.

With the acquisition, BlackRock now has a deemed interest in 151,921,788 units of Suntec REIT, representing a stake of about 6.01%.

Units of Suntec REIT finished the trading day 1.42% lower from its previous close on the Singapore Exchange to end at SGD1.53.

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.