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A-Reit to issue S$300m perpetual bonds at 4.75%

ASCENDAS Reit (A-Reit) said on Monday it would issue S$300 million worth of subordinated perpetual securities that pay a distribution at the rate of 4.75 per cent.

The manager intends to use the net proceeds to partially fund the acquisition of a portfolio of logistics properties in Australia.

A-Reit has been assigned an "A3" issuer rating and the securities are expected to be rated Baa2 by Moody's Investors Service, Inc.