CapitaMall Trust sells CBs to pay for new acquisition

Singapore's largest Reit raises $478 million and achieves favourable terms by using a newly acquired property as security for the bonds.

SingaporeƆs largest real estate investment trust, CapitaMall Trust, has raised S$650 million $478 million from the sale of convertible bonds that will be used to partly finance a yield-accretive acquisition of a commercial property that was announced yesterday. The company said it will pay S$839.8 million plus expenses for the property - two Grade A office towers and some ground floor retail space - which is known as AtriumOrchard and counts Temasek, HSBC and Barclays Capital among its...

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