Ascendas REIT rights issue meets strong demand

A business park property in San Diego, California, U.S., to be acquired by Ascendas REIT. Credit: Ascendas REITA business park property in San Diego, California, U.S., to be acquired by Ascendas REIT. Credit: Ascendas REIT

Ascendas REIT said Monday its rights issue of 679.09 million units to raise S$1.31 billion met with strong demand, with total applications for around 136 percent of the total available.

Valid acceptances of the rights units by unitholders were at 96 percent, while excess applications were at 40.4 percent of the units available, Ascendas REIT said in a filing to SGX.

In November, Ascendas REIT launched a rights issue to finance the proposed acquisition of 30 business park properties.

The valid acceptances included those by CapitaLand Singapore (BP&C) and Ascendas Funds Management (S), which together represented around 19 percent of the rights units offered, the filing said.

The rights units will be listed and quoted on SGX on Friday, Ascendas REIT said.