ARA Trust Management, the manager of Suntec REIT, is issuing between 310,725,000 and 320,000,000 new units in Suntec REIT pursuant to a private placement of new units at an issue price of between $1.34 and $1.38 per unit.

The gross proceeds from the private placement amount to $428.8 million and the net proceeds will amount to $417.9 million, after deducting the advisory, underwriting, selling and management fee and other estimated fees and expenses (including professional fees and expenses) incurred in connection with the placement.

The manager intends to use $417.9 million of the gross proceeds from the placement to partially finance the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2, the Marina Bay Link Mall and 695 car park lots. about $11 million wil go towards paying for advisory, underwriting, selling and management fee as well as other estimated fees and expenses (including professional fees and expenses) incurred in connection with the private placement.