Ascott Reit prices highly accretive follow-on at the top

The portion open to institutional investors is more than 15 times covered after excluding the shares taken up by the sponsor.

Ascott Residence Trust attracted strong interest to the institutional portion of a follow-on offering that will see it raise a total of S$199 million $130 million to pay for the acquisition of five new properties.

The institutional offer, which was launched and priced yesterday following a 10-day roadshow, accounted for 47.3 million new units or approximately 45% of the total sale. Parent company Ascott Group bought 15.3 million of those units to maintain its stake, while the remainder was 15...

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