Singaporean real estate investment trust ASCENDAS Reit plans to raise gross proceeds of at least 450 million Singaporean dollars ($327.2 million) through a private placement of 178 million new units at an issue price of between $1.838 and $1.895 per unit.
Proceeds of $181.8 million will be used to partially fund the acquisition of a second UK logistics portfolio, while $79.2 million will partially fund the development of a build-to-suit facility located in Singapore.
Another $63.3 million will be used to fund debt repayment and future acquisitions. Fees and expenses incurred in connection with the private placement are expected to cost $2.8 million.
The private placement will increase the total number of units in issue by 6.1 percent.