In July, New Harvest Investment, an affiliate of Sino-Ocean Capital, acquired a 70% stake in Dasin Retail Trust’s manager for $8.3 million. Dasin’s management fee in 1HFY2021 was $3.4 million. New Harvest has been granted a one-year call option to purchase, the lower of the total units owned by Aqua Wealth, and 26% of the total units. Another affiliate of Sino-Ocean, Glory Class Ventures, owns 6.36% of Dasin Retail Trust’s units. The presence of Sino-Ocean Capital, a blue-chip Mainland name which is listed in Hong Kong, should instil confidence in investors.
As at June 30, Dasin Retail Trust’s net asset value (NAV) stood at $1.46. DPU for the 1HFY2021 ended June of 2.98 cents would give an annualised DPU yield of more than 11% on the trust’s current price of around 50 cents.
