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Mapletree Industrial Trust raises $400 mil in private placement to help fund new acquisition

Stanislaus Jude Chan
Stanislaus Jude Chan9/18/2019 07:59 AM GMT+08  • 3 min read
Mapletree Industrial Trust raises $400 mil in private placement to help fund new acquisition
SINGAPORE (Sept 18): Mapletree Industrial Trust (MIT) has closed an upsized private placement of a total of 176.6 million new units at $2.265 each – the top of the issue price range – to raise gross proceeds of nearly $400 million.
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SINGAPORE (Sept 18): Mapletree Industrial Trust (MIT) has closed an upsized private placement of a total of 176.6 million new units at $2.265 each – the top of the issue price range – to raise gross proceeds of nearly $400 million.

The private placement was approximately 6.3 times covered, after taking into account the exercise of the upsize option to issue 18.3 million additional new units.

The private placement was launched Tuesday to help fund MIT’s acquisition of a US$1.37 billion ($1.88 billion) data centre portfolio in North America in a joint venture with Mapletree Investments.

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