suntec-reit-raises-114-million-for-acquisitions

Suntec Reit raises $114 million for acquisitions

Investors like the trust's yield-accretive acquisition strategy and its strong earnings. General investor interest in real estate also underpins Shenzhen Investment placement.
Suntec Real Estate Investment Trust, which is sponsored by Hong Kong tycoon Li Ka-shing, has raised S$180 million $114 million from an overnight sale of new trust units that will be used to fund acquisitions.

Suntec, which invests in office and retail properties, in late September announced its intention to buy the office units of towers one, two and three in Suntec City that it doesnÆt already own. The Reit manager said on Thursday that it has received a positive response from numerous parties willing to sell and has secured commitments for S$35.5 million worth of units, comprising 26,400 square feet.

Should it end up buying all the remaining units, the aggregated consideration would be...
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