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Frasers Logistics launches preferential offering portion of S$476M fundraising

Singapore-listed Frasers Logistics & Industrial Trust is launching on May 23 a pro rata, nonrenounceable preferential offering of new units in a bid to raise S$476.0 million, together with a recently closed private placement.

The offering will open at 9 a.m., local time, and will comprise 152,153,437 new units priced between 94.2 cents and 96.7 cents apiece. The units will be exchanged for existing Frasers Logistics units on a ratio of one new unit for every 10 existing units.

The industrial real estate investment trust expects to raise between S$143.3 million and S$147.1 million from the offering. The amount will be directed toward the trust's plan to buy 21 properties in Europe from its sponsor, Frasers Property Ltd., for €316.2 million.

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 proposed equity fundraising.

As of May 22, US$1 was equivalent to S$1.34.