Mapletree Logistics Trust priced its planned private placement of 183,792,000 new units at the top end of the S$1.165 to S$1.197 indicative range to raise up to S$220.0 million.
The offering was oversubscribed by about 5.2x and the issue price represents a roughly 2.25% discount to its S$1.2246 volume average weighted price per unit as of May 24, according to the Singapore-listed real estate investment trust.
Approximately S$205.3 million of the proceeds from the offering will be used for Mapletree Logistics' acquisition of a 50% stake in each of 11 logistics properties across China that were developed by its sponsor, Mapletree Investments Pte. Ltd.
Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd. and Singapore branch of The Hongkong and Shanghai Banking Corp. Ltd. are the joint global coordinators and book runners of the private placement.
As of May 24, US$1 was equivalent to S$1.34.
