ascott-reit-prices-highly-accretive-followon-at-the-top

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 times subscribed, according to a source close to the deal. This allowed the price to be fixed at S$1.90, which marked the top end of an indicated range that started at S$1.85.

It will be...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222