Following the launch of a private placement on Sept 9, the manager of Ascott Residence Trust (ART) has announced that 152.6 million new stapled securities have been placed at an issue price of 98.3 cents per new stapled security, raising $150 million in gross proceeds.

See: Ascott Residence Trust buys Texas student accommodation for US$70 mil; launches private placement to raise $150 mil

The issue price stands at the lower end of the private placement’s launch range between 98.3 cents and $1.014. It represents a 5.5% discount to the volume weighted average price (VWAP) of $1.040 per Stapled Security as well as a 5% discount to the adjusted VWAP of $1.034 per stapled security.

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