Clar preferential offering closes with 74.5% valid acceptances; total applications at 244.2%

[SINGAPORE] CapitaLand Ascendas Real Estate Investment Trust (Reit) has received valid acceptances of 74.5 per cent at the close of its preferential offering announced in March.

In a bourse filing on Friday (Apr 17), the manager of the Reit said it received valid acceptances for 96.1 million units, out of the 129.1 million units on offer.

It received excess applications of 219.3 million units, or 169.8 per cent of the total number of units available under the preferential offering.

This brings the total number of valid acceptances and excess applications to 315.4 million units, or 244.2 per cent of the total units available, at the close of the offering on Apr 15.

The balance 33 million units which were not validly accepted or not taken up will be allotted to satisfy applications for excess preferential offering units.

CLI RE Fund Investments and CapitaLand Ascendas Reit Management have accepted in full their respective provisional allotments, totalling 21.9 million new units.

The new units will be listed on the Singapore Exchange from 9 am on Apr 23.

The manager on Mar 24 launched the non-renounceable preferential offering to raise gross proceeds of about S$300 million, to fund the acquisition of industrial assets in Singapore and Japan, as well as to fund previously announced purchases.

Under the preferential offering, new units have an issue price ranging between S$2.35 and S$2.40 each. Entitlements for the offering were determined based on existing units held as at 5 pm on Apr 1.

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Units of Clar ended Friday 0.4 per cent or S$0.01 lower at S$2.58, before the announcement.