Suntec Reit sells equity to pay for Marina Bay acquisition

The $325 million sale of new units is well received and prices at a 4.2% discount.

Suntec Real Estate Investment Trust has raised S$429 million $325 million from a placement of new units, which will be used as part payment for an earlier announced acquisition. The offering attracted strong investor interest and priced close to the top end of the offering range for a 4.2% discount to the latest close.

The unit price also held up well in the aftermarket, falling just one cent yesterday and closing 3.6% above the placement price.

The fundraising may bring some relief to the Reit, which has seen its unit price drop 8% since the S$1.4 billion $1.06 billion acquisition was announced on October 26. Suntec has referred to the purchase, which comprises a one-third...

¬ 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