Suntec Real Estate Investment Trust (SUNT.SI), which owns most of Singapore’s Suntec City complex, said on Monday it planned to raise around $429 million via a private placement of new units.

Suntec will issue 310.7 million to 320 million new units at between $1.34 and $1.38 per unit, Suntec’s manager said in a disclosure to the Singapore Exchange.

Suntec had on Nov 26 obtained shareholder approval to buy a one-third stake in Marina Bay Financial Centre Towers 1 and 2 along with the mall and 695 car park lots from a firm linked to Hong Kong’s Cheung Kong (001.HK) and Hutchison Whampoa (0013.HK).