Suntec Reit sells equity to pay for Marina Bay acquisition

The $325 million sale of new units is well received and prices at a 4.2% discount.

Suntec Real Estate Investment Trust has raised S$429 million $325 million from a placement of new units, which will be used as part payment for an earlier announced acquisition. The offering attracted strong investor interest and priced close to the top end of the offering range for a 4.2% discount to the latest close.

The unit price also held up well in the aftermarket, falling just one cent yesterday and closing 3.6% above the placement price.

The fundraising may bring...

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