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 disclosed on 12 July that it has indirectly acquired 197,800 units of Suntec REIT.

The units were acquired through a market transaction on 8 July via an entity in which it has a deemed interest in.

Total consideration paid for the units was SGD353,326.56, translating to about SGD1.78 paid per unit.

With the acquisition, BlackRock now has a deemed interest in 151,874,213 units of the Singapore-listed office and retail REIT, representing a stake of about 6.0%.

Units of Suntec REIT finished the trading day flat from its previous close on the Singapore at SGD1.80.

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.