Acquisitions underscore placements for Ascott and CR Gas

Ascott Reit raises $174 million from independent investors ahead of a preferential offer, while China Resources Gas taps the market for $317 million immediately after announcing a new asset injection from its parent.

Two equity placements that were both linked to acquisitions were in the market yesterday, raising a combined $491 million. But while they both achieved their funding targets, they had a completely different feel to them.

The smaller of the two deals was offered by Ascott Residence Trust, a Singapore-listed real estate investment trust that focuses primarily on serviced apartments and is backed by blue-chip property developer CapitaLand. The company was looking to raise cash to partially fund a S$1.4 billion $1 billion acquisition of 28 new serviced residence properties in Singapore, Vietnam and Europe and the deal was preceded by a roadshow to familiarise investors with the...

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