Indiabulls trust clarifies issues raised in BT column

Singapore

INDIABULLS Property Management Trustee Pte Ltd (IPMT), the trustee-manager of Indiabulls Properties Investment Trust (IPIT), has said market conditions beyond its control are primary drivers of the decline in IPIT's net asset value (NAV).

The trustee-manager made this point in a clarification filed late on Tuesday with the Singapore Exchange (SGX) in response to a Hock Lock Siew column in The Business Times ("What went wrong with Indiabulls Property Investment Trust?", Aug 15).

The column had said that from the time IPIT was listed in June 2008 "to its impending delisting sometime soon", the business trust has brought nothing but grief to its unitholders and that SGX "should scrutinise the entire chain of events associated with IPIT's eight-year existence on the mainboard with a view to improving its quality…