Bookmark & Share
ARA Asset Management Limited has become the biggest unitholder in Cache Logistics Trust after its stake in the entity was increased from 5.14 percent to 9.21 percent, according to an SGX filing on Monday (3 Sep).
This was achieved by purchasing all of the 43.66 million units held by HNA Group’s subsidiary CWT for S$0.74 apiece on Thursday (30 Aug).
Consequently, ARA’s stockholders including Warburg Pincus, Aviation Industry Corporation of China and Tecity group (The Straits Trading Company) are now considered significant shareholders in Cache Logistics Trust.
As of 30 June 2018, the trust owns 27 logistics warehouses across Singapore and China, including 16 in Australia. These properties have a combined gross floor area (GFA) of around 8.8 million sq ft and are collectively worth about S$1.3 billion.
“The acquisition of a substantial position in Cache, as well as the recent takeover of a full control of the manager and the property manager, demonstrates ARA’s confidence and strong support in the REIT,” said Daniel Cerf, CEO of Cache’s manager, ARA Trust Management (Cache) Ltd.
“We will continue to capitalise on ARA’s established foothold and expanding partnerships to continue executing our well-defined portfolio rebalancing and growth strategy to enhance earnings growth over time,” he added.
Related Articles:
Singapore’s KOP breaks ground for world’s largest indoor ski resort
OneKM mall in Paya Lebar renamed as KINEX
FLT buys two Australian properties for A$62.6mil
ESR-Viva merger to form Singapore’s 4th biggest industrial REIT