Frontier Reit raises $216 million at 2% discount

The Japanese trust issues the fourth-largest domestic follow-on offering this year in an effort to stabilise its debt levels.

Frontier Real Estate Investment Corporation, one of JapanÆs leading retail Reits, issued 35,000 units - followed by an over-allotment of 2,500 units - to raise a total of $216 million on Wednesday last week. The deal priced at the tight end of the discount range of 2% to 4% to the reference price of Ñ638,000 $6076. The offer price of the new units was Ñ625,240 each, a 3.48% premium to the issue value of Ñ604,186, with the difference going...

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