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Ascott Residence Trust closes 1.8x oversubscribed rights issue

Ascott Residence Trust plans to issue rights units on or about April 11 after it closed an underwritten and renounceable rights issuance March 31.

The trust said it received valid acceptances and excess applications of 874,566,265 rights units at close of the offer. The valid acceptances are approximately 1.8x the total of 481,688,010 available rights units.

The S$442.7 million issue was launched to help fund the acquisition of properties in Singapore and Germany.

Ascott Residence Trust expects to list and quote the rights units on the Singapore bourse April 11 at 9 a.m., local time.

As of April 4, US$1 was equivalent to S$1.40.