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 obtained shareholder approval on Nov 26 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 (0001.HK) and Hutchison Whampoa.

 

In October, Suntec announced that it would buy the stake for $1.5 billion.

 

The company has hired Citigroup, DBS Bank and Standard Chartered to act as joint financial advisers, underwriters and bookrunners for the placement.

 

ARA, the manager of Suntec Reit, is 15.6% owned by Cheung Kong Investment Company, an entity controlled by Hong Kong billionaire Li Ka-Shing.