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Mapletree Logistics Trust launches equity fund raising to raise S$640m

MAPLETREE Logistics Trust (MLT) on Wednesday proposed an equity fund raising comprising an offering of new units to raise gross proceeds of S$640 million.

This will be carried out through a private placement at an issue price of between S$1.143 and S$1.175 per new unit to raise gross proceeds of approximately S$353.5 million to S$361.5 million, as well as a non-renounceable preferential offering on the basis of one new unit for every 10 existing units in MLT to eligible unitholders at an issue price of between S$1.113 and S$1.145 per new unit on a pro rata basis to raise the balance.

The private placement issue price range represents a discount of between 5.4 per cent and 2.7 per cent to the volume weighted average price (VWAP) of S$1.2077 per unit of all trades in the units on SGX for the full market day on Sept 13.

The preferential offering issue price range represents a discount of between 7.8 per cent and 5.2 per cent to the VWAP of S$1.2077 per unit.

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Citigroup Global Markets Singapore Pte Ltd, DBS Bank Ltd, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch have been appointed as the joint global coordinators and bookrunners for the equity fund raising.

On Sept 13, the manager of MLT also obtained the approval of unitholders to acquire Mapletree Logistics Hub Tsing Yi, located at 30 Tsing Yi Road, New Territories, Hong Kong.

The property is an 11-storey modern ramp-up warehouse with direct vehicular ramp access to every floor, with a remaining leasehold period of approximately 46 years.

About S$480.6 million, equivalent to 75.1 per cent of the gross proceeds of the equity fund raising, will go to finance part of the total purchase consideration of the property.