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ESR-REIT's preferential offering kicks off

ESR-REIT commenced its proposed nonrenounceable preferential offering of roughly 262.8 million new units, aiming to raise gross proceeds of up to S$141.9 million.

Shares are being offered to entitled unit holders at 54 Singaporean cents apiece. The offering opened at 9 a.m. Singapore time March 12. It will close at 5 p.m. on March 20 for subscriptions made through an application form and at 9:30 p.m. on March 20 for subscriptions made through ATMs of participating banks DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

ESR previously said it plans to use the proceeds raised to pay down debt facilities it used to finance part of the cost of acquiring a stake in a special purpose vehicle that owns the 7000 Ang Mo Kio Ave. 5 property in Singapore.

RHB Securities Singapore Pte. Ltd. is the sole financial adviser and global coordinator for the transaction.

As of March 9, US$1 was equivalent to S$1.32.