CRCT sells S$103.8m of units at S$1.612 to cover rich end of price talk
CAPITALAND Retail China Trust has priced an upsized S$103.8 million overnight placement of new units at S$1.612 apiece to cover the rich end of initial indications.
Price talk was at a range of S$1.553 to S$1.612 per unit for the deal, which was launched on Tuesday. A total of 64.4 million new units were issued, including an over-allotment option of 12.9 million units that was fully exercised.
The placement price represents a discount of 3.5 per cent to the counter's S$1.6707 volume-weighted average price on Tuesday. The counter last traded at S$1.67 on Tuesday.
The China-based mall real estate investment trust (Reit) will use about S$101.7 million of the proceeds to help fund a joint acquisition of Rock Square mall in Guangzhou, China.
The remaining S$2.1 million of the proceeds will be used to pay placement-related expenses.
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