A-Reit plans private placement to raise at least S$150m
Add BT as a preferred source
THE manager of Ascendas Real Estate Investment Trust (A-Reit) has proposed a private placement of 64 million new units in the Reit at issue prices between S$2.344 and S$2.417 apiece to raise gross proceeds of at least S$150 million, it said in a Singapore Exchange filing on Monday evening.
The placement will be to unspecified "institutional and other investors". The trust manager said that it planned to use about S$108.5 million - 72.3 per cent of the gross proceeds - to partially fund the proposed purchases of two Australia properties: a business park in Sydney and a logistics property in Melbourne.
The total purchase sum for the two Australia properties is expected to be about S$185 million, it said.
It intends to use another S$40 million to renovate a "hi-specs" property in Singapore to turn it from a multi-tenant property to a single-tenant building, it added.
The joint lead managers and underwriters are Citi and DBS.
Share with us your feedback on BT's products and services
TRENDING NOW
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
Singapore’s AI boom is lifting GDP. Who gets carried along?
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
From sales executive to DBS chairman: A look at banking veteran Peter Seah’s career
