Singapore-listed Mapletree Commercial Trust is planning to raise S$1 billion $751 million from a pair of equity offerings, taking advantage of investors' desire for a safe yield play.
The trust turned to a mix of new and old investors for its latest capital-raising, closing a private placement of 364.8 million new investment units and launching a non-renounceable preferential offering of 362.8 million investment units to existing unitholders.
The rights portion of the deal is still being considered by investors, but the private placement got a strong response, generating orders worth more than 3.8 times the value of the deal. That should come as little surprise...
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