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History with Croesus Retail Trust and current thoughts.

Wednesday, April 26, 2017

When I found out that Croesus Retail Trust could be privatised, I had a feeling of deja vu.

It wasn't too long ago that something similar happened to Saizen REIT and, because of that, I lost a significant income generator.

Now, it seems that I may lose another significant income generator.

As I invest primarily for income, this creates a headache for me, especially when it is a relatively big investment in my portfolio. 

Mallage Saga, a CRT mall in Saga.

Some might remember that Croesus Retail Trust is one of my more significant investments as I shared this in a blog earlier this year.

In any case, the news got me nostalgic. Hence, this blog.

I first blogged about Croesus Retail Trust in July 2012 and, it was obvious, I was not too enthusiastic about it then.

Croesus Retail Trust: IPO planned.

However, all investments are good at the right price and I became an investor in late 2013.

Croesus Retail Trust: Long position.

I like to think that patience will be rewarded and I guess I was in this case.

Then, some readers were worried about Croesus Retail Trust and I wrote a piece titled:
Croesus Retail Trust: Motivations and risks.

When Mr. Market was feeling depressed, I bought more as I believed that an attractive investment just got more attractive. 

When Croesus Retail Trust offered rights units, I bought more because they were going to use the money for reasons which I liked.

See, for example:
22 for 100 rights issue (at 61c each)

Rights issues are not necessarily a bad thing and this is a topic I have blogged about many times in the past.

For example:

REITs and rights issues: Dilutive?

Over time, Croesus Retail Trust became a very significant investment that it is today for me.

I like what I see. 

So, I stay invested.

Oh, if you think this blog title sounds familiar, it should be because it is a play on this blog:
History with Sabana REIT and current thoughts.

Of course, regular readers would know that a big part of my investment in Croesus Retail Trust was funded by the proceeds from selling my investment in Sabana REIT years ago.

Added more Croesus Retail Trust and reduced Sabana REIT.

I made pretty good money from my investment in Sabana REIT and I have made good money so far from investing in Croesus Retail Trust.

Even though I would prefer to continue receiving income from Croesus Retail Trust, if it should be privatised, then, I would probably enjoy (with misgivings) another round of capital gain.

Croesus Retail Asset Management Pte. Ltd. (the “Trustee-Manager”), as trustee-manager of Croesus Retail Trust (“CRT”), wishes to announce that it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT (“Units”). 

Related post:
My investment portfolio.


F4FF said... really huat a lot lehhhh...haha.

AK71 said...

Hi F4FF,

I am just lucky, I guess, but I don't know if this is good or bad luck. :(

The Sun said...

Hi AK,

You may be glad to note that not every approach from potential buyers will result in a sale and the delisting of a trust. Quick recently, the management of Ascendas Hospitality Trust announced publicly that there was interest from potential buyers. However, the sale did not go through eventually.

AK71 said...

Hi Sun,

Yes, could be but might not be delisted. :)

I remember the case of Ascendas Hospitality Trust. Blogged about it too:
" expression of interest by a party to acquire Ascendas Hospitality Trust..."

Robin said...

Hi AK,

Don't mind me asking a newbie question..

What impact would that have on the price of CRT if the sale go through? would it result in lower price?

Robin said...

Hi AK,

Don't mind me asking a newbie question..

What impact would it have on the price of CRT if the sale went through? Must it necessarily mean that there will be capital gain for the current holders? if yes, why?

AK71 said...

Hi Robin,

Well, it would depend on what is the offer price. ;)

dpang88 said...

CROESUS trading Halt this morning

dpang88 said...

CROESUS trading halt today

AK71 said...

Hi dpang88,

Seems like a deal could be in the making.

Mr Teoh's Sideline said...

AK, now that the offer is out, would you buy some more to collect the dIvidend in a few months time?

AK71 said...

Hi Teoh,

Nah. I am quite quite contented with my current exposure.

K said...


Do you know when is the voting for this deal? Is it out yet? I cannot seem to find the information.


AK71 said...

Hi K,

We will receive a package in the mail, I believe.

This is not happening until a few months later in October, if I remember correctly.

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