Ascendas Real Estate Investment Trust (SGX:A17U) (Ascendas REIT) Preferential Offering closed oversubscribed by 146.9% with total application received for 196.8 million Preferential Offering New Units.
A total of 134 million Preferential Offering New Units at the issue price of S$2.960 per Preferential Offering New Unit will be issued to raise gross proceeds of approximately S$396.5 million.
Together with the gross proceeds of approximately S$800.0 million raised from a private placement exercise, gross proceeds of a total of approximately S$1,196.5 million have been raised from the Equity Fund Raising exercise announced last month.
The preferential offering was offered to existing unitholders on the basis of 37 Preferential Offering New Units for every 1,000 Existing Units held as at 5pm on record date 18 November 2020.
Valid acceptances were received for 106.1 million new units, amounting to around 79.2 per cent of the total available units. Excess applications were received for 90.7 million new units, or 67.7 per cent of units available in the Preferential offering. The balance of 27 million Preferential Offering New Units which were not validly accepted will be allotted to satisfy applications for Excess Preferential Offering New Units, with preference to be given to the rounding of odd lots.
The REIT’s sponsor and manager, who collectively owned an aggregate of around 19.2 per cent of total units in issue have accepted in full their provisional allotments of around 25.7 million new units.
The new units are expected to be listed and quoted on the mainboard of the Singapore Exchange from 9am on 9 December.
Ascendas REIT’s units is trading flat at S$2.95 on Friday after the announcement which was released on Thursday night.