Singaporean real estate investment trust Mapletree Industrial Trust (MIT) is preparing to collect about $175 million in a private placement.

MIT will issue private placement of 90.44 million new shares between $1.935 and $1.990 per new unit and another upsize option being exercised to issue up to 12.92 million additional new units, to raise at least $25 million.

MIT is planning to use the net proceeds from the placement to partly refinance the acquisition of 18 Tai Seng Street.

Singaporean lender DBS Bank will act as a sole book-runner and underwriter of the placement, following a book-building process.