Ascendas Reit to raise S$1.2b for US, Europe, Australia acquisitions

Singapore

ASCENDAS Real Estate Investment Trust (Ascendas Reit) has launched a private placement and preferential offering to raise gross proceeds of about S$1.2 billion.

This will finance its potential and proposed overseas acquisitions, including a US$560.2 million purchase of two office buildings in San Francisco also announced on Tuesday.

The placement's issue price will be between S$3.026 and S$3.121 for each new unit.

That represents a discount of about 2.8-5.7 per cent to the volume-weighted average price (VWAP) of S$3.2096 per unit of all trades in Ascendas Reit's stock on Nov 9, up to the time the underwriting agreement was signed on Nov 10.

The private placement of between 256.3 million and 264.4 million units to institutional and other investors aims …