Singapore-listed Ascendas Real Estate Investment Trust A-Reit has raised S$298.5 million $241 million from a follow-on share placement that will be used to fund a variety of projects, including asset enhancements and the acquisition of a business property in Shanghai.
The deal, which was completed yesterday, is the first equity fundraising in the Singapore Reit sector this year. Last week, ML Hospitality Trusts, which was set to own six hotels in Singapore, Australia and Japan at the time of listing, called off an initial public offering of up to $369 million due to disappointing demand.
The A-Reit placement too wasn’t the kind of blow-out deal that...
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