Stake changes: Temasek’s deemed interest in Prime US REIT rises

U.S. two-dollar billsPhoto by Leslie Shaffer

Singapore state-owned investment company Temasek Holdings reported Tuesday its deemed interest in Prime US REIT increased to 9.71 percent from 8.93 percent previously.

That was after 9 million units of Prime US REIT were acquired in the market by DBS Bank for US$7.326 million, according to a filing to SGX.

Temasek does not have a direct interest in the units, but is deemed to be interested in the units via its holdings in Keppel Corp., DBS and Seatown Holdings, the filing said.

Seatown, an indirect subsidiary of Temasek, has an interest in 0.0056 percent of Prime US REIT’s units, while DBS Bank has an interest in 4.1285 percent of the REIT’s units, and Keppel cumulatively holds 5.5764 percent, the filing said.

On Friday, KBS REIT Properties III reported it sold 73.72 million Prime US REIT units in an off-market block trade at US$0.814 a unit, taking its stake to 18.5 percent from 24.8 percent previously.

In a separate statement filed to SGX, Prime US REIT’s manager said KBS REIT Properties III’s block trade wasn’t a corporate action and didn’t involve a new equity fundraising by the REIT, adding the deal was independent of the manager.