trending Market Intelligence /marketintelligence/en/news-insights/trending/9evuaihxzyxnych10xdjpg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Ascendas REIT manager grosses S$452M in private placement of units

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

Ascendas REIT manager grosses S$452M in private placement of units

Ascendas Real Estate Investment Trust's manager closed a private placement of 178,007,000 new units of the Singapore-listed industrial REIT at S$2.540 apiece, for about S$452.1 million in gross proceeds.

Ascendas Funds Management (S) Ltd. said the offering was 2.2x oversubscribed and attracted strong demand from new and existing institutional, accredited and other investors.

The company will use about S$250.0 million of the proceeds to partially fund its planned acquisition of a U.K. logistics portfolio, while approximately S$109.0 million will go toward the partial financing of the development of a build-to-suit facility in Singapore. The company also earmarked S$88.9 million of the proceeds to fund debt repayment and future acquisitions, among other uses.

Ascendas expects trading of the new units to begin on the Singapore Exchange Securities Trading Ltd. on Sept. 18.

DBS Bank Ltd. and J.P. Morgan (S.E.A.) Ltd. were the joint lead managers and underwriters.

As of Sept. 6, US$1 was equivalent to S$1.38.