Dasin Retail Trust receives property possession notice over outstanding debt

This refers to the offshore facility worth $430m.

Dasin Retail Trust has received letters from security agents to exercise their power to possess two properties due to an outstanding amount that is still owed by the trustee manager.

In a statement, Dasin Retail said the outstanding amount pertains to the $430m Offshore Facility 1 that was used to finance the acquisitions of the initial portfolio of the Trust which includes Xiaolan Metro Mall, Ocean Metro Mall, Dasin E-Colour, and Shiqi Metro Mall.

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The two properties that will be possessed are held by Zhang Zhencheng, a non-executive director and shareholder of the Dasit Retail Trust Management (Trustee-Manager), and a substantial unitholder of the trust.

“As stated in the announcements dated 14 August 2023 and 12 April 2024, the TrusteeManager is continuing to explore the available options in relation to the restructuring exercise with the Lenders under the various facilities,” the Trust said.