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Ascendas REIT's manager targets S$450M proceeds from private placement

Ascendas Funds Management (S) Ltd., the manager of Singapore-listed Ascendas Real Estate Investment Trust, entered into a private placement agreement to raise gross proceeds of at least S$450.0 million.

The issuance of 178,007,000 new units in Ascendas REIT will be made to institutional and other investors at a per-unit price of between S$2.528 and S$2.606, according to a release.

The industrial REIT's manager plans to use about S$250.0 million of the proceeds to partially fund the purchase of a U.K. logistics portfolio, for which it is currently conducting due diligence. About S$109.0 million will be used to partially fund the development of a build-to-suit facility in Singapore, while about S$87.1 million will be used for debt repayment and future acquisitions. The remainder will be used to cover expenses related to the placement, as well as for general corporate and/or working capital purposes.

DBS Bank Ltd. and J.P. Morgan (S.E.A.) Ltd. are serving as joint lead managers and underwriters.

As of Sept. 5, US$1 was equivalent to S$1.38.