Tag Archives: Singapore REITS

Singapore Reit Starhill completes $234 million rights offering

Posted on 14 Aug 2009 | Comments Off on Singapore Reit Starhill completes $234 million rights offering

Starhill Global Reit receives applications for 129.3% of the rights units available in the offering.

Investors snapped up a rights offering from Starhill Global Real Estate Investment Trust yesterday, helping the company to raise S$337.3 million ($234 million).

The Singapore-listed company received valid acceptances and excess applications for a total of 1.24 billion rights units, representing 129.3% of the 963 million rights units available in the offering, which Starhill launched in late June. The units were offered on a one-for-one basis and sold at a subscription price of S$0.35 each.

Since the rights issue was launched, units in the Reit have not moved notably: on the first day of the deal, June 22, they were trading at S$0.50. Continue reading →

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A-Reit issue to raise at least $296m

Posted on 12 Aug 2009 | Comments Off on A-Reit issue to raise at least $296m

ASCENDAS Real Estate Investment Trust (A-Reit) plans to issue 185 million new units to raise funds for property development and further acquisition.

The private placement of new units will be priced at between $1.63 and $1.70 per unit and is expected to raise net proceeds of at least $296 million.

Of that amount, A-Reit intends to use about $175 million to develop its high-tech SingTel industrial facility.

About $121 million will be used to fund further acquisition and potential development of properties. Some debt will also be repaid, it said.

‘The private placement is a chance to strengthen A-Reit’s balance sheet to take advantage of potential investment opportunities,’ said Mr Tan Ser Ping, chief executive officer of Ascendas Funds Management, the manager of A-Reit.

Such investment opportunities have already been marked out, and ’some of these may gradually materialise as the economic condition Continue reading →

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