Mapletree Industrial Trust closes S$310.4m preferential offering

MAPLETREE Industrial Trust's (MIT) non-renounceable preferential offering at S$2.64 per unit was 176.3 per cent subscribed.

About 117.6 million new units will be issued under the preferential offering to raise gross proceeds of S$310.4 million. It was done on the basis of five new units for every 100 existing units held.

The new units are expected to be listed and quoted on the mainboard of the Singapore Exchange on June 21 at 9am, MIT's manager said in a regulatory filing late Tuesday night.

Together with the S$512.9 million from the earlier private placement, total gross proceeds of around S$823.3 million have been raised from its equity fundraising exercise first announced on May 20.

The fresh funds will help finance a US$1.32 billion acquisition of 29 data centres in the US. These properties are predominantly sited on freehold land and have a total net lettable area of 3.3 million square feet.

The preferential offering, which opened on June 3, was priced at a discount of 4.3 per cent to the volume weighted average price of S$2.7596 per unit.

Valid acceptances and excess applications for a total of 207.2 million new units, representing 176.3 per cent of the total number of new units available under the offering, were received at the close on June 11.

MIT's sponsor, Mapletree Investments, held a 27.5 per cent stake through its wholly-owned subsidiaries before the equity fundraising was launched. The subsidiaries accepted in full their provisional allotments totalling 32.3 million new units under the preferential offering.

Immediately after the completion of the offering, Mapletree Investments will have a deemed interest amounting to about 25.5 per cent of the total number of units in issue after the offering's new units are listed.

MIT units rose 1.8 per cent or S$0.05 to finish at S$2.82 on Tuesday, before the announcement.

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