Suntec REIT's Suntec CitySuntec REIT's Suntec City

Tang Jialin, the father of billionaire businessman Gordon Tang, has acquired 2 million units of Suntec REIT.

The units were acquired via a market transaction on 20 May.

Units of the REIT were acquired by Tang Jialin for a total consideration of SGD2.84 million.

The units were acquired as Suntec REIT breached its multi-week high of SGD1.40.

With the acquisition, he now holds direct interest over 168,814,100 units in Suntec REIT.

This represents a stake of about 6% in the REIT.

Tang Jialin also has deemed interest over 57,095,100 units of Suntec REIT via Senz Holdings Limited.

Tang’s son, Gordon Tang, is also a substantial unitholder of Suntec REIT.

The younger Tang has a stake of about 9.5% in Suntec REIT, with a holding of more than 250 million units.

Suntec REIT was last done on the Singapore Exchange (SGX) at SGD1.37, down 3.5% from the previous close.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.