UPDATE: Mapletree Logistics Trust private placement meets strong demand, prices at top of range

Singapore 50 dollar bill

This article was originally published on Wednesday, 23 October 2019 at 8:15 A.M.; it has since been updated with more details.

Mapletree Logistics Trust’s private placement of 154.61 million new units met with strong demand and priced at S$1.617, the top of its S$1.579 to S$1.617 indicative range, the REIT said in a filing to SGX Wednesday.

The private placement was over 13 times covered, with strong participation from new and existing institutional, accredited and other investors, the trust said.

The issue price of S$1.617 is around a 3.1 percent discount to the volume weighted average price for all trades on SGX on Monday, the filing said.

The offering will raise around S$250 million, with proceeds earmarked to partially fund the acquisition 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 acquisitions are subject to unitholder approval at an extraordinary general meeting, Mapletree Logistics Trust said.

The new units are expected to being trading on SGX on 1 November, the filing said.

Citigroup Global Markets Singapore, DBS Bank and HSBC’s Singapore branch were the joint global coordinators and bookrunners for the private placement, the filing said.

DBS’ Treasury Investments unit was allocated 300,000 new units under the placement, the filing said.

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