Ascendas Reit launching private placement of new units to raise S$301.6m

Ascendas Reit said Tuesday it is launching a private placement of new units to raise S$301.6 million in total proceeds.

It is placing out 185 million new units at an issue price of between S$1.63 and S$1.70 per unit.

At those prices, the new units represent a discount of between 3.4 per cent and 7.4 per cent from the Reit’s last closing price of S$1.76.

Ascendas Reit said most of the net proceeds or about S$175.4 million will be used to fund the development of the high-tech built-to-suit facility for telco SingTel.

Another S$120.6 million will be used to partly or wholly fund potential acquisitions of properties.

Any balance of the capital raised will be used for general corporate and working capital purposes.

Source : Channel NewsAsia – 11 Aug 2009

Join The Discussion

Compare listings