Ascendas India Trust - Substantial Shareholder Capital Group selling

US fund manager, the Capital Group, has ceased to be a substantial unit holder of Ascendas India with the sale of some 8,131,000 units on 23 Dec 2011 while the REIT was trading around 69-70 cents.  The US fund manager has been selling since Sep 2011 and probably explains the REIT's share price which has dropped from 90 cents since Sep 2011.

One possibility is the outlook for the Indian economy and currency.  Lim and Tan Securities expects the REIT to remain at current levels while the Capital Group continues to sell its remaining balance of 36.8 mil units or 4.79% of the overall shareholdings.

Ascendas India Trust closed at S$0.695 yesterday.