A-HTrust in placement to raise at least $50m

Published Mon, Mar 31, 2014 · 10:00 PM
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ASCENDAS Hospitality Trust (A-HTrust) will be offering 71.9 to 73.5 million new stapled securities in a private placement. The move will raise gross proceeds of at least $50 million to partially fund its acquisition of Osaka Namba Washington Hotel Plaza in Osaka city, Japan.

A-HTrust is a stapled group comprising Ascendas Hospitality Real Estate Investment Trust (A-HReit) and Ascendas Hospitality Business Trust (A-HBT). A-HTrust's managers said last week that A-HBT had agreed to buy the Osaka hotel for 8.9 billion yen (S$110.8 million).

Each new stapled security will be priced between 68 cents and 69.5 cents. The issue price range represents a 5.3 to 7.3 per cent discount to the volume weighted average price (VWAP) of 73.37 cents per stapled security for trades done last Friday and up to the time the placement agreement was signed yesterday.

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