Suntec REIT sells new units at discounted price

Suntec Real Estate Investment Trust (REIT) has sold new units to investors at a discounted price of S$1.605 a unit, raising net proceeds of about S$341 million to pay down its debt.

The private placement of just over 218 million new Suntec units was priced near the top of the indicative range of S$1.575 to S$1.615.

The placement price, however, represented a discount of about 4.7 per cent to the REIT’s volume weighted average price of S$1.6839 on Tuesday.

Suntec closed down nearly 2.7 per cent at S$1.645 on Wednesday.

Suntec owns most of Suntec City and Park Mall. Its other assets include large stakes in the Marina Bay Financial Centre.

DBS, Standard Chartered and HSBC were joint lead managers and underwriters for the placement.

Source : Today – 19 Mar 2014

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