Mapletree Industrial launches private placement to raise at least S$350 million

Mapletree Industrial Trust property at 18 Tai Seng in SingaporeMapletree Industrial Trust property at 18 Tai Seng in Singapore

Mapletree Industrial Trust launched a private placement Tuesday to raise at least S$350 million to partially fund its joint venture’s acquisition of data centers in North America, the trust said in a filing to SGX.

The trust said Monday it formed a 50:50 joint venture with Mapletree Investments to acquire a US$1.4 billion, or around S$1.90 billion, data center portfolio in North America from Digital Realty Trust.

The private placement of 158.3 million new units will be offered to eligible institutional, accredited and other investors at S$2.211 to S$2.265 each, the trust said.

The issue price range is a discount of around 2.7 percent to 5.0 percent to the volume weighted average price of S$2.378 a unit for trades on Monday, the filing said.

The offering is subject to an upsize option for an additional 22.62 million new units to raise at least another S$50 million, Mapletree Industrial Trust said.

If proceeds exceed S$350 million, the trust will use those proceeds to further fund the acquisition, debt repayment, future acquisitions and general corporate and working capital purposes, the filing said.

The new units are expected to be listed on SGX on 26 September, Mapletree Industrial Trust said.

DBS Bank, HSBC’s Singapore branch and UBS’s Singapore branch will be the joint bookrunners and underwriters, the filing said.

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