Mapletree Logistics Trust launches private placement to raise around S$250 million

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Mapletree Logistics Trust launched a private placement of 154.61 million to 158.33 million new units to raise gross proceeds of around S$250 million, the REIT said in a filing to SGX Tuesday.

The price range of the issue is S$1.579 to S$1.617, marking a discount of 3.1 percent to 5.4 percent to the volume weighted average price of S$1.6685 for all trades on Monday, the filing said.

The units will be offered to institutional, accredited and other investors, Mapletree Logistics Trust said.

The proceeds will be used to fund the acquisitions of seven properties, the filing said. On Monday, Mapletree Logistics Trust said entered a deal to acquire seven modern logistics properties across Malaysia, Vietnam and China for a total of around S$383.9 million.

The trust said it would finance the acquisition with a combination of the proceeds from the private placement and loan facilities.

An advanced distribution, estimated at 2.695 Singapore cents to 2.715 Singapore cents, will be paid to unitholders for the period between 1 October and the day before the issuance of the new units, the trust said.

The new units are expected to be listed on SGX on 1 November, the filing said.

Citigroup Global Markets Singapore, DBS Bank and HSBC’s Singapore branch are the joint global coordinators and bookrunners, the trust said.

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