AIMS Property Securities Fund disposes of Blackwall Property Trust stake
DUAL-LISTED AIMS Property Securities Fund has disposed of its holdings in the Blackwall Property Trust (BWR).
In a Singapore Exchange (SGX) filing, AIMS Fund Management Limited, the entity responsible for AIMS Property Securities Fund, said that the fund held about 5.8 million units in BWR, which were sold at a price of A$1.30 each.
On the rationale for the sale, AIMS Fund Management said that the funds from the sale are "better utilised in other opportunities", which may lead to a more profitable outcome for unitholders.
It added that national and global effects on the real-estate market may have a downward effect on the value of these holdings in the short to medium future.
"There must be acceptable liquidity if the investment is listed and where possible, the fund is to hold material or majority interests in its unlisted investments, so as to enable influence over the strategy and direction of the investment. This opportunity to exit our holdings in BWR may not arise in the future," it added.
AIMS Property Securities Fund has a primary listing on the Australian Stock Exchange, with a secondary listing on the mainboard of the SGX.
It last traded on Oct 19 and closed at S$1.705.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
ING unveils 2.5 billion euros buyback as profit beats estimates
Prosper Cap halts operations at UK hotel after fire breaks out
DBS chief expects 2024 earnings to hit new highs as Q1 profit rises 15% to S$2.95 billion
Banking giants race to Riyadh as MBS steps up pressure campaign
BlackRock, Citadel reap billion-dollar deals from Australia fund
Credit Suisse faces 50 billion won South Korea short-sale fine