Frasers Centrepoint Trust preferential offering meets solid demand

Waterway Point mall, by Frasers Property, at Punggol New Town in Singapore; taken August 2018.Frasers Property‘s Waterway Point mall at Punggol New Town in Singapore. The property is 40 percent owned by Frasers Centrepoint Trust.

Frasers Centrepoint Trust’s preferential offering of new units received valid acceptances and excess applications for 56.74 million units, or around 196.9 percent of the total available, the trust said in a filing to SGX Wednesday.

Valid acceptances were received for 25.39 million preferential offering units, or 88.1 percent of the total, while there were excess applications for 31.58 million units, or 108.8 percent of the total available, the filing said.

The balance of 3.43 million preferential offering units which were not validly accepted will be allotted toward the applications for excess new units, Frasers Centrepoint Trust said.

The preferential offering units were on the basis of 31 for every 1,000 existing unit, the trust said.

A total of 28.82 million preferential offering new units at an issue price of S$2.35 each will be issued for gross proceeds of around S$67.7 million, Frasers Centrepoint Trust said.

The trust’s sponsor, Frasers Property, and its subsidiaries have accepted their full allotment of 12.14 million preferential offering units, the filing said. After the offering’s completion, Frasers Property will have a deemed interest in 403.80 million units, or around 36.26 percent of Frasers Centrepoint Trust’s total units, the filing said.

The new units are expected to be listed on SGX from 18 June, the filing said.

Combined with the S$369.9 million in proceeds of the trust’s private placement, a total of S$437.4 million was raised from the equity fund raising, the trust said.

The funds were earmarked toward partly financing the acquisition of retail units in the Waterway Point mall in Singapore’s Punggol region, and to partly pay bridging loans Frasers Centrepoint Trust took out for the acquisition of a stake in PGIM Real Estate AsiaRetail Fund.


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