Key Points
- A-Reit is proposing to carry out a private placement of up to 209,425,000 New Units to institutional and other investors at an issue price of between S$1.91 and S$1.96 per New Unit (the “Issue Price Range”) to raise gross proceeds of approximately S$400.0 million (the “Private Placement”).
- The net proceeds from the Private Placement amount to approximately S$393.3 million, after deducting the underwriting and selling commission and other estimated fees and expenses (including professional fees and expenses) incurred in connection with the Private Placement.
- Use of Proceeds:
- approximately S$35.9 million will be used to fund A-REIT’s eleventh development project for the construction of a built-to-suit logistics facility in the eastern part of Singapore (which is equivalent to 9.0% of the gross proceeds of the Private Placement);
- approximately S$97.0 million will be used to fund A-REIT’s ongoing asset enhancement initiatives at Techview and 10 Toh Guan Road and redevelopment of 1 Senoko Ave (FoodAxis @ Senoko), (which is equivalent to 24.3% of the gross proceeds of the Private Placement);
- approximately S$117.6 million will be used to fund the forward purchase of a business space property located at No. 200 Jinsu Road, Jinqiao Export Processing Zone (“JEPZ”), Shanghai, China (which is equivalent to 29.4% of the gross proceeds of the Private Placement)
- approximately S$125.6 million will be used to fund the acquisition of Neuros & Immunos at Biopolis (which is equivalent to 31.4% of the gross proceeds of the Private Placement);
- approximately S$6.7 million will be used to pay the estimated fees and expenses, including professional fees and expenses, incurred or to be incurred by A-REIT (which is equivalent to 1.7% of the gross proceeds of the Private Placement)
- A-REIT's Proposed Acquisition of Neuros & Immunos for S$125.6 Million
- A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property
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