SINGAPORE (Feb 11): The manager of Mapletree Industrial Trust (MIT) has proposed a private placement to raise gross proceeds of at least $175 million to partly refinance the acquisition of 18 Tai Seng Street.

Some $172.1 million, or 98.3% of the gross proceeds of the private placement, will go towards refinancing for the acquisition of the property, which was completed on Feb 1. The remaining $2.9 million will be used to pay the estimated fees and expenses incurred in connection with the private placement.

The proposed private placement will see 90,440,000 new units in MIT offered to eligible institutional, accredited and other investors at an issue price of between $1.935 and $1.990 each.

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