Singapore property investment trust A-Reit priced its inaugural capital raising of the year on Monday meeting a warm welcome from investors. The S$205 million $126 million placement of new units was nearly four times subscribed. And although the deal was said to be covered at the strike price, the lead managers, Citigroup and UBS, decided to price at a 1% discount to the adjusted close, leaving some upside for investors.
Some 75 orders were received, mainly from long only funds, although some hedge funds came into the book early to create some momentum. After a four-hour accelerated book build the deal was closed with 50% going to Singapore,...
