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...
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