SGX-listed Prime US Reit raises US$80m in private placements

The issue price of US$0.81 was subscribed more than two times.

KBS US Prime Property Management Pte. Ltd., the manager of Prime US Reit, announced the that the recent private placement launch has raised a gross proceed of US$80m ($107.35m)

The placement saw an issuance of 98.766 million new units that ranged from US$0.797 and US$0.822 per new unit. The manager also announced that the issue price for the private placement has been fixed at US$0.81 per new unit.

According to the manager, the placement was well-subscribed with strong demand from both existing unit holders and new investors with a good mix of long-only institutional investors, multi-strategy funds, family offices, and private wealth clients whilst institutional investors accounted for over half the demand and final allocations, accompanied by strong private wealth and family office interest.

The Issue Price represents a 3.4% discount to the adjusted volume weighted average price (“VWAP”)1 of US$0.8385 per Unit. The listing of the New Units on the SGX-ST is expected to commence at 9.00 a.m. on Monday, 5 July 2021.