IReit Global's preferential offering closes 151.2% subscribed

IREIT Global's preferential offering closed on Monday with valid acceptances and excess applications amounting to 151.2 per cent of the offering, the Reit's manager said in a regulatory filing late on Wednesday night.

About 201.1 million preferential offering units will be issued at 59.5 Singapore cents per unit, raising gross proceeds of about S$119.7 million.

Together with gross proceeds of about S$7 million from a placement to Bond Capital Partners, IReit will have raised about S$126.7 million in gross proceeds in this latest fund-raising exercise.

At the launch, the Reit's manager had said that net proceeds will be used to partially finance the acquisition of 27 retail properties in France, which cost around S$195.7 million.

The new units are expected to be listed and quoted on the Singapore Exchange mainboard from 9 am on July 21.

IReit units closed down 1 Singapore cent or 1.55 per cent at 63.5 cents on Wednesday.