Elite REIT’s raises $47.5m from oversubscribed preferential offering

 Its offering had a subscription rate of 121.1%.

Elite Commercial REIT raised £28m ($47.5m) from its oversubscribed preferential offering.

The REIT offered 103,354,690 units to its existing unitholders at a ratio of 214 preferential offering units for every 1,000 existing units in Elite REIT at an issue price of £0.27 ($0.46) per preferential offering unit.

At the close of its preferential offering on 10 January, the REIT received valid acceptances of pro rata provisional allotments and applications for excess preferential offering units totalling 125,225,541 preferential offering units.

The total valid acceptances translates to an overall subscription rate of approximately 121.2%, based on the preferential offering units available.