UK-based institutional investor Mondrian Investment Partners has acquired 5,611,600 units of Singapore-listed Ascendas REIT.

The units were acquired on 2 September for a total consideration of SGD13,742,808 (USD10.1 million), which translates to about SGD2.45 paid per unit.

According to information provided on its website, Mondrian Investment currently has some USD59 billion of assets under management for clients such as endowments funds, governments, insurance companies, and high net worth individuals.

With the acquisition, Mondrian Investment now has a deemed interest in 169.9 million units of Ascendas REIT, representing a stake of about 6.03%, up from 164.2 million units or 5.8% previously.

Ascendas REIT has a portfolio of 103 industrial properties in Singapore, 27 properties in Australia, and one property in China. It is currently Singapore’s largest industrial REIT by market capitalisation.

Units of Ascendas REIT finished the trading day about 1.2% higher from its previous close on the Singapore Exchange to end at SGD2.48.