OUE Commercial Reit raises S$150m from private placement to pay down debt

OUE Commercial Reit on Thursday said that it has raised gross proceeds of about S$150 million from a private placement of some 233.3 million new shares at S$0.643 each.

Most of this will go towards partially repaying the trust's existing borrowings.

"The placement attracted strong demand, with expressions of interest coming from institutional and local investors, and the upsize option has been exercised," the trust manager said.

The upsize option essentially increased the placement size from raising gross process of about S$100 million to S$150 million.

Placement agent UBS AG, Singapore branch, has closed the order book for the private placement.