CRCT preferential offer 1.4 times subscribed

CapitaLand Retail China Trust's (CRCT) preferential offering has received valid acceptances and excess applications for about 120.7 million preferential offering units, or about 1.4 times the number of units offered, the manager of the real estate investment trust (Reit) said on Wednesday night.

CRCT will raise gross proceeds of about S$125.1 million from this offering, which closed on Wednesday and is part of a larger equity funding exercise to fund its purchase of three shopping centres from CapitaLand.

Together with the S$154.3 million raised from the private placement, total gross proceeds of S$279.4 million have been raised from the exercise.

The 86.9 million new units from the preferential offering, priced at S$1.44 apiece, are expected to be listed and quoted on the Singapore Exchange's main board on Sept 3 at 9 am.

Units of CRCT closed flat at S$1.53 on Wednesday.