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Sasseur Reit loses PE firm L Catterton Asia as substantial unitholder
PRIVATE equity firm L Catterton Asia is no longer a substantial unitholder of Sasseur real estate investment trust (Reit), after it sold part of its stake in the Reit's sponsor, Sasseur Cayman Holding.
Its deemed stake was cut from 58.86 per cent to 1.36 per cent, a regulatory filing late on Thursday showed.
L Catterton Asia said the sale was a "normal course of action for the fund", and that it remains confident in Sasseur's growth opportunities as a premium outlet developer and operator in China.
"We continue to strongly believe in the long-term growth prospects of Sasseur and the opportunities it offers to investors in terms of exposure to China's fast-growing outlet mall industry," said Ravi Thakran, chairman of L Catterton Asia, in a statement.
Units of Sasseur Reit closed on Thursday at S$0.69, down two cents or 2.8 per cent, amid the broad market selldown.