Mapletree Commercial Trust to raise US$775m in new unit offering: IFR
[HONG KONG] Mapletree Commercial Trust (MCT), a Singapore-focused Real Estate Investment Trust (REIT), plans to raise up to US$775 million to fund a previously announced purchase of a business park, IFR reported on Tuesday, citing a term sheet of the deal.
MCT, which owns office and retail real estate in Singapore, plans to issue 364.9 million new units at an indicative price range of S$1.41 to S$1.45 each in a private placement, according to IFR, a Thomson Reuters publication.
The trust will also offer 362.8 million new units to holders of existing units at a price of S$1.39 to S$1.43 each in a preferential offering, putting the combined deals at S$1.05 billion.
MCT didn't immediately reply to Reuters requests for comment on the capital raising.
The trust said on July 5 it planned to buy the office and business park components of Mapletree Business City in a deal valued at about S$1.78 billion.
REUTERS
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