CapitaLand Ascendas RET closes private placement at $2.727 per unit

The issue price represented 5.1% of the $2.8727 VWAP per unit.

CapitaLand Ascendas REIT (CLAR), with the Joint Bookrunners and Underwriters, closed its private placement of 183,352,000 new units with a fixed issue price of $2.727 per unit.

The private placement was covered 3.1 times after it drew strong demand from institutional, accredited, and other investors, causing its gross proceeds to increase to $500m from $450m.

CLAR said the issue price represented 5.1% of the volume weighted average price (VWAP) of $2.8727 per unit for all trades done on the SGX-ST on 15 May, up to the day the parties signed the placement agreement.

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CLAR planned to use the $500m gross proceeds to fund its proposed acquisitions and redevelopment projects, as well as for debt repayment and several estimated fees and expenses.

The trading of the new units would commence on 25 May at 9AM.