It says new funds could strengthen its capital structure
ASCENDAS Real Estate Investment Trust (A-Reit) is looking to raise at least $301.6 million through a private placement of new units – just months after a $408 million cash call in January.
The private placement will ’strengthen A-Reit’s balance sheet to take advantage of potential investment opportunities’, said Reit manager Ascendas Funds Management’s CEO and executive director Tan Ser Ping.
A-Reit asked to halt trading in its units yesterday morning and said it is issuing 185 million new units to institutional investors at between $1.63 and $1.70 apiece. The new units are equivalent to 11 per cent of the 1.68 billion units in issue as of June 30.
The issue price range represents a discount of 3.8 to 7.8 per cent to the volume weighted average unit price last Friday.
The Reit manager, with joint lead-managers and underwriters Cazenove & Co (Singapore) and DBS Bank, will determine the issue price t Continue reading
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