Suntec Real Estate Investment Trust (SUNT.SI), which owns most of Singapore’s Suntec City complex, said it raised $428.8 million ($324.8 million) on Monday through a private placement of new units.

Suntec said the net proceeds of around $417.9 million will be used to partially finance the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, Suntec said in a statement late on Monday.

The trust issued 313 million new units at $1.37 each, nearing the top end of $1.34 and $1.38 range it set earlier, with the placement 3.1 times oversubscribed.