On July 3, The Edge Singapore highlighted that almost $500 million of loans that mature on July 18 had not been refinanced by Dasin Retail Trust. On July 5, Dasin’s trustee-manager announced that the trust “is currently still seeking to secure the refinancing of the Offshore Facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders while contemplating other possible solutions, including applying for a further extension”. Of the $500 million, $419.5 million is offshore debt, and $80.1 million is onshore debt.
Through the manager, Dasin’s sponsor and major unitholder Zhang Zhencheng announced a non-binding memorandum of understanding with Sino-Ocean Capital Holding on July 5. A unit of Sino-Ocean Capital, Glory Class Ventures, currently holds approximately 6.36% of Dasin. Sino-Ocean Capital is also a long-time partner of the Sponsor and Zhang. “According to Mr. Zhang Zhencheng, the Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in the Trustee-Manager from Mr. Zhang Zhencheng,” the SGX announcement says. In conjunction with the acquisition of the trustee-manager, Sino-Ocean Capital may also acquire units so that its stake is no less than 25% of Dasin.
