Frasers Logistics Trust launches private placement to raise as much as around S$258 million

Singapore one dollar bill

Frasers Logistics & Industrial Trust launched a private placement of 220 million net units to be issued at S$1.143 to S$1.173 to raise as much as around S$258.1 million, the trust said in a filing to SGX late Tuesday.

The issue price range is a discount of 3.2 percent to 5.7 percent to the volume weighted average price of S$1.2122 a unit for trades Tuesday, FLT said.

The price of the placement will be determined by a book-building process, with the new units to be offered to institutional and accredited investors, the filing said.

Frasers Logistics Trust said it plans to use the proceeds to partially fund the acquisition of 12 logistics properties in Germany and Australia.

“The manager believes that the private placement, in combination with debt financing, is an efficient and overall beneficial method of
raising funds to finance the proposed acquisition,” the trust said.

DBS Bank, Citigroup Global Markets Singapore, Merrill Lynch (Singapore) and OCBC are the joint lead managers and underwriters, the filing said.

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