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

A US-based hedge fund, Kabouter International Opportunities Fund II, has acquired 1.8 million units of Ascendas India Trust, a disclosure filed with the Singapore Exchange on 8 December has revealed.

The units were acquired on 6 December for a total consideration of SGD1,890,316 (USD1.33 million), which translates to about SGD1.05 per unit.

All units of the IT properties-heavy business trust were acquired via an open market transaction.

With the acquisition, Kabouter International Opportunities Fund II now has a direct interest in about 74.6 million units of Ascendas India Trust, representing a stake of about 8%, up from about 72.8 million units, or 7.8% previously.

These figures are computed based on the 929,865,752 units of Ascendas India Trust in issue on 28 October 2016.

“Kabouter International Opportunities Fund II, LLC's portfolio, including its investment in the units of Ascendas India Trust, is managed by a fund manager”, said the disclosure.

Units of Ascendas India Trust finished the trading day about 2.4% higher from its previous close on the Singapore Exchange to end at SGD1.07.

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.