Frasers Logistics & Industrial Trust places out 78m new shares at S$1.01 per unit

AUSTRALIAN industrial property play Frasers Logistics & Industrial Trust (FLT) said that its private placement of 78 million new units is 4.6 times subscribed, and will be issued at S$1.01 per new unit.

There was strong participation from new and existing institutional investors, it said.

Net proceeds will be used to partially fund the estimated total cost of the proposed acquisition of seven properties.

FLT last traded at S$1.04.