The manager of Ascendas REIT is seeking to raise $420.0 million through a proposed private placement of new units in the REIT at an issue price of between $2.944 and $3.019 per unit.

The manager, along with Citigroup Global Markets Singapore (Citi) and DBS Bank, have entered into a placement agreement on May 4 in relation to the private placement.

Citi and DBS are the joint lead managers and underwriters of the placement.

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