Croesus Retail Trust looks to take manager in-house for S$50m (Amended)

Singapore

IN what may be the first move of its kind here, a mainboard-listed business trust is looking to bring its trustee-manager into its fold.

Croesus Retail Trust (CRT) said on Sunday that the proposed sum for internalising its trustee-manager, Croesus Retail Asset Management, is 4.1 billion yen, or S$50 million.

In internalising Croesus Retail Asset Management, CRT, which has been listed since 2013, hopes to bring overall management and day-to-day operations "in-house".

Cost savings from this exercise is expected to increase potential distributions to unitholders, said CRT, which focuses its investments on 11 reta…