Singapore-listed Frasers Logistics & Industrial Trust is issuing 333,199,000 new units in pursuant of its oversubscribed S$329 million private placement.
Each unit to be issued May 21, at 9 a.m. local time, on the Singapore bourse is priced at 98.7 Singapore cents.
Frasers Logistics is conducting the private placement to help finance its plan to buy 17 properties in Germany and four more in the Netherlands for €316.2 million from its parent, Frasers Property Ltd.
DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd. and Citigroup Global Markets Singapore Pte. Ltd. are the joint global coordinators and book runners of the trust's equity fundraising, which comprises the private placement and a pro rata, nonrenounceable preferential offering of new units.
As of May 18, US$1 was equivalent to S$1.34.
