Mapletree Logistics preferential offering oversubscribed, raising S$293M

Singapore 10-dollar billsSingapore 10-dollar bills

Mapletree Logistics Trust has received applications representing around 134 percent of the total 159.11 million new units available in its preferential offering, the trust said in a filing to SGX Thursday.

Acceptances were received for around 80.5 percent of the offering, while excess applications were at 53.3 percent of the offering, the filing said.

The new units are priced at S$1.84 each and will be issued on the basis of 37 new units for every 1,000 existing units held, raising gross proceeds of around S$292.8 million, the filing said. Units of Mapletree Logistics Trust ended Thursday at S$1.87.

Combined with the S$400 million raised in a private placement, the total proceeds are around S$692.8 million, Mapletree Logistics Trust said.

The proceeds will be used to finance acquisitions after Mapletree Logistics Trust entered deals to acquire a portfolio of 16 logistics properties, including 13 in China and three in Vietnam for 4.11 billion yuan (S$870 million) and US$95.9 million (S$129.9 million), respectively.

The trust said also plans to acquire an effective 97 percent interest in a logistics facility in Japan from an unrelated third party for around 35 billion yen, or around S$416.3 million.

The trust’s sponsor, Mapletree Investments, which prior to the equity fundraising held around 31.59 percent of the trust’s units via wholly owned subsidiaries, have accepted their allotments of 50.26 million units under the preferential offering, the filing said.

After the preferential offering is completed, Mapletree Investments will have a deemed interest in 1.408 billion units, or around 30.15 percent of the total, Mapletree Logistics Trust said.

Mapletree Investments, which is a substantial unitholder of Mapletree Logistics Trust, is indirectly owned by Temasek Holdings via Temasek’s wholly owned subsidiary Fullerton Management.