Ascendas REIT plans private placement to raise $450 mil mainly for recent UK acquisition

SINGAPORE (Sept 6): Ascendas REIT is raising gross proceeds of no less than $450 million in a private placement to raise funds for acquisitions and a new development.

The private placement will sell about 178 million new units in Ascendas REITs to institutional and other investors at an issue price of between $2.528 and $2.606.

Of the gross proceeds, $250 million or 55.5% will go towards partially funding the acquisition of a second UK logistics portfolio, $109 million or 24.2% will be used to partially fund the proposed development of a build-to-suit facility in Singapore while $3.9 million will go towards paying the estimated fees and expenses for the placement.

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