Mapletree Industrial closes private placement at $2.212 per unit

Total gross proceeds of the private placement will be $204.8m.

Mapletree Industrial Trust (MIT) has closed its private placement of over 92.5 million with a fixed issue price of $2.212 per unit, the company said in an SGX filing.

The private placement was covered 4.5 times after it drew strong demand from new and existing institutional, accredited, and other investors. The total gross proceeds of the private placement will be $204.8m

MIT said the issue price represented 2.6% of the volume weighted average price (VWAP) of $2.2706 per unit for all trades done on the SGX-ST on 24 May until the parties signed the placement agreement on 25 May.

READ MORE: Mapletree Industrial Trust to obtain data centre in Osaka

MIT planned to use $204.8m gross proceeds to fund its proposed acquisition of the newly-built data centre in Osaka, Japan, and pay professional and other fees and expenses.