Croesus Retail Trust's move to take manager in-house gets unitholders' nod

CROESUS Retail Asset Management Pte Ltd, trustee-manager of Croesus Retail Trust (CRT), said in a filing to the Singapore Exchange (SGX) that the proposed internalisation was approved by unitholders at the extraordinary general meeting (EGM) held on Thursday.

Subsequent to the EGM, the trustee-manager said that it would work on the preferential offering to raise S$22.1 million, which would go towards financing and completion of the internalisation.

It said that it would provide updates on the internalisation in due course.

Said Jim Chang, CEO of Croesus Retail Asset Management: "We believe that CRT will see the benefits of adopting an internalised structure in time to come. Our focus will continue to be on making sensible transactions, enhancing the yield of our existing assets, and seeking cost reductions whilst finding ways to enhance our market valuation."