SINGAPORE (July 18): CapitaLand Commercial Trust has closed the book of orders for the private placement agreement signed and launched on Wednesday.

CCT’s manager says the placement managed to raise $220 million from the issue of some 105 million new units at $2.095 each.

The issue price represents a discount of 3.7% to the volume weighted average price (VWAP) of $2.1762 per unit for trades done on Wednesday.

It is also at the middle of the $2.043-$2.105 price range set out in the placement agreement.

The private placement was also five times covered and drew strong demand from new and existing institutional, accredited and other investors, it adds.

About $216.7 million will be used to partially finance the acquisition of the 94.9% stake in MAC Property Company B.V. and MAC Car Park Company B.V. which holds a 100% stake in the property known as Main Airport Center.

See: CCT acquires 94.9% stake in Frankfurt office for $387 mil

DBS Bank and J.P. Morgan (S.E.A.) were joint bookrunners and underwriters for the placement.