A-Reit draws strong demand for $325 million placement

The proceeds from the upsized deal will be used to acquire two industrial properties.
<div style="text-align: left;">
The Aries, one of A-Reit’s properties located in Singapore Science Park II</div>
<div style="text-align: left;"> The Aries, one of A-Reit’s properties located in Singapore Science Park II</div>

Singapore-listed Ascendas Real Estate Investment Trust A-Reit on Friday raised S$406 million $325 million of fresh equity that will be used towards the funding of two new properties.

The follow-on placement attracted a massive S$1.3 billion of demand from more than 100 institutional investors, according to a company statement. That allowed the upsize option to be exercised in full and the price to be fixed close to the top of the offering range.

Just like A-Reit’s previous placements, the deal had strong support from existing unitholders, as well as from global real estate specialists and other long-only funds. The bookrunners hadn’t lined up any anchors before launch,...

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