The National Trade Union Congress (NTUC) has acquired 5 million units of Singapore-listed retail REIT, CapitaLand Mall Trust.
The units, which were acquired on 11 January via an market transaction, puts NTUC on the REIT’s list of substantial unitholders as the trade body’s stake in CapitaLand Mall Trust has now crossed the 5% threshold.
NTUC paid a total consideration of SGD10,700,000 (USD7.4 million) for the acquisition, which translates to about SGD2.14 per unit of the REIT.
NTUC now has a holding of 178.6 million units of CapitaLand Mall Trust, representing a stake of 5.04%, up from 173.6 million units, or a stake of 4.9% previously.
The umbrella body representing major labour unions in Singapore also operates the NTUC Fairprice chain of supermarkets, which are anchor tenants in a number of CapitaLand Mall Trust properties including Tampines Mall and Junction 8.
Units of CapitaLand Mall Trust are currently listed on the Singapore Exchange at SGD1.99.