A-Reit raises S$406m in placement

Ascendas Real Estate Investment Trust (A-Reit) said yesterday it will help fund two industrial property purchases from a private placement worth S$406.4 million.

Due to strong demand, it will sell 160 million new units — up from 140 million — to institutional and other investors at S$2.54 per unit, a 3.5 per cent discount from the volume-weighted average price of S$2.6328 on Thursday. The proceeds will fund potential property purchases in Science Park II and Kallang Avenue.

Source : Today – 9 Mar 2013

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